Author: Ciaran Lyons, CoinTelegraph; Translated by: Tao Zhu, Golden Finance

It turns out that almost all of the cryptocurrencies born on the Solana memecoin creation tool pump.fun never saw the light of day.

Dune Analytics data shows that the success rate of pump.fun crypto tokens entering the Solana-based decentralized financial protocol Raydium is 1.41%, and has fluctuated between this figure and 1.21% since May. On February 16, it hit a record high of 2.56%.

“The ‘graduation rate’ for tokens on Pump Fun (those that hit $69k and got listed on the dex) is stagnant at around 1.4%,” Adam Cochran, partner at Cinneamhain Ventures, commented in an August 1 X post.

The total success rate of the pump.fun crypto token is 1.41%. Source: Dune Analytics

Cochran further noted that no new coins have “truly broken” the $20 million fully expanded valuation (FDV) level — a measure of the total value of a cryptocurrency when all coins are in circulation.

“All this suggests is that we’re finally about to clear the meme loop once and for all,” Cochran claims.

“I didn’t realize how brutal it was in the trenches,” added crypto commentator and web3 developer Bread, noting that of the 1.58 million tokens created, only 22,300 actually made it into Raydium.

However, other commentators have argued that the success rate is not reflective of the entire memecoin market, it simply shows how easy pump.fun makes it to create memecoins.

“Pump fun didn’t ruin memecoin, it just lifted the veil on the creation of these little guys and made it really easy to create these little guys,” anonymous crypto commentator Bunjil told their 56,900 X followers.

Although only a few companies have launched tokens, the fee income from these tokens is considerable. It is understood that Pump.fun will charge a 1% transaction fee until the token reaches a certain market value.

During the same period, pump.fun’s revenue has surpassed Ether’s on several occasions.

On July 29, Pump.fun raised about $864,000 in 24 hours, about 57% higher than Ethereum’s $550,000 during the same period.

Pump.fun is a big hit among celebrities

The tool has become a trend among celebrities to create and promote memecoins using American celebrities, including Caitlyn Jenner, Iggy Azalea (real name Amethyst Kelly), Jason Derulo (real name Jason Desrouleaux) and many others, who have used their likenesses to issue and promote crypto tokens since May.

According to CoinMarketCap, memecoin’s total market capitalization is $44.94 billion, down 2.67% over the past 24 hours. However, trading volume has increased by 27.29% over the same period to $4.48 billion.

Among the top 100 memecoins by market cap, Book of Memes (BOME) is the only cryptocurrency to have gained in the past seven days since July 26, gaining 14.79% to trade at $0.009.