Of 1.58 million tokens that launched on Pump.fun, almost 99% failed and barely 1.4% made it to Raydium for open trading.
The no-code platform that allows anyone to create memecoins on Solana has a meager 1.4% success rate for tokens reaching decentralized exchange Raydium.
That translates to 22,330 successfully launched tokens, out of a whopping 1.58 million initially created, according to a Dune Analytics dashboard, created by evelyn233.
Raydium requires a minimum market capitalization of $69,000 for a token to be available for trading on its platform.
Dismal numbers like these offer a telling story into the unsustainable market for memecoins.
For starters, and gauging by the market caps of many tokens on Dexscreener, most of those that even do make it to trade on Raydium have a short-lived pump, to then quickly dump. Most memecoins, or about 65%, have market capitalizations well below the $10,000 mark.
While meme coin traders get rekt, Pump.fun is making a killing. A Dune dashboard shows a total of $81 million in SOL of fees paid to the website. Roughly $79 million belongs to tokens that don’t make it to the market.
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