According to U.Today, transactions on Pump.fun, a leading Solana-based meme coin platform, have significantly decreased, as indicated by data from Dune Analytics. Pump.fun allows users to create and distribute their own meme coins with ease, which contributed to its rapid rise in popularity. Users can generate new tokens by simply naming them, entering a ticker symbol, uploading an image, and paying a minimal fee.
In late May, Pump.fun gained considerable attention during the celebrity meme coin craze, with notable figures like Australian rapper Iggy Azalea participating. Last month, the platform even surpassed Ethereum in daily revenue. Despite the decline in demand, Pump.fun remains one of the top projects by daily fees, generating $922,582 on Saturday, placing it sixth behind Lido, Juto, Ethereum, Solana, and Tron, according to DefiLlama.
The drop in transaction activity is attributed to the fall of celebrity meme coins, which experienced a brief period of speculative interest before rapidly losing value. For example, Iggy Azalea's MOTHER meme coin has plummeted nearly 80% from its peak, with many other meme coins performing even worse, some losing up to 99% of their value. Ethereum co-founder Vitalik Buterin has criticized the celebrity meme coin trend, citing a lack of utility.
