Recently, Solana’s meme issuance platform Pump.fun’s cumulative revenue has exceeded 80 million US dollars. However, a report shows that only 1.41% of the tokens can successfully enter the decentralized exchange (DEX) from the issuance platform for trading.
Make a fortune creating memes? The success rate is lower than starting a business
Dune Analytics data shows that the success rate of tokens produced by Pump.fun entering the on-chain exchange Raydium is 1.41%, and has fluctuated between 1.21% and 1.21% since May. It reached an all-time high of 2.56% on February 16.
"The definition of success rate is a market capitalization of US$69,000 and a successful listing on a decentralized exchange, and this value has been stagnant at 1.4%." Adam Cochran, a partner at private fund Cinneamhain Ventures, mentioned in a post on August 1 arrive.
Is the bubble going to burst and we're about to emerge from meme mania?
Cochran further pointed out that no new coin has truly broken through the $20 million fully diluted market cap. "These kinds of crazes happen every time an industry gets a whiff of a new narrative in a cycle of stagnation. But like the dot-com boom and subsequent bubble burst, these don't last," he said of the meme. The craze has been compared to the Internet craze of the millennium, and is considered to be part of the cycle. "This all means we are finally getting out of the meme cycle."
Another cryptocurrency commentator, Bread, said: "I didn't realize how cruel the trenches actually were." He cited several figures: The total number of tokens issued by Pump.fun is 1.58M,
Only 1.4% of that went into Raydium. The total number of tokens since launch is 22,330, with a recent average of around 200 per day.
Pump.fun just makes it very convenient to send coins
Anonymous cryptocurrency commentator Bunji expressed his support for Pump.fun on Twitter: "Pump.fun did not destroy meme coins, it just made the process of issuing coins very convenient." According to CoinMarketCap data, the total market value of memecoin is 44.94 billion. Dollar. It is down 2.67% in the past 24 hours. However, trading volume grew by 27.29% during the same period, reaching $4.48 billion. Among the top 100 memecoins by market capitalization, Book of Memes (BOME) is the only one to have gained in the past seven days since July 26, rising 14.79% to trade at $0.009.
Several American celebrities, including Caitlyn Jenner, Iggy Azalea and Jason Derulo, have used Pump.fun to launch and promote cryptocurrencies since May.
Secret behind the scenes: It’s super easy to wash the volume, is the craze all fake?
YouTuber Antoine Rousseaux has introduced tools, cracked how to quickly create meme coins, and funded methods that can launder transaction volume. He emphasized that these meme currency battlefields are definitely not for beginners and called on everyone to stay away.
What you see on Pump Fun is not what you think it is:This is how I fake:– The # of holders– The bubble map– The volume pic.twitter.com/XmoMb70y96
— Antoine Rousseaux (@AntoineRSX) July 14, 2024
This article Venture Capital Partner Adam Cochran: “The meme craze is coming to an end.” Data reveals that Pump.fun’s currency issuance success rate is only 1.4%. It first appeared on Chain News ABMedia.
