Transactions on Pump.fun, the Leading Solana-Based Meme Coin Factory, Have Taken a Nosedive

Pump.fun is a marketplace that makes it possible for users to create their own meme coins and distribute them.

Solana (SOL)-based meme coin factory Pump.fun has seen its transaction volume plummet, according to data from Dune Analytics.

Pump.fun is a marketplace that allows users to easily create and launch their own meme coins. The platform’s simplicity has made it popular among newcomers, helping it to quickly gain traction. To create a new token, users simply need to enter a name, ticker symbol and image, and pay a small fee.

In late May, Pump.fun became a focal point in the recent meme coin craze that saw celebrities such as Australian rapper Iggy Azalea launch their own tokens.

Last month, the Solana-based meme coin factory briefly surpassed Ethereum in daily revenue.

According to the latest data from Dune Analytics, there are now 1,727,219 tokens deployed on Pump.fun.

Despite the drop in demand, Pump.fun remains one of the top projects in terms of daily fees, according to DefiLlama. On Saturday, it generated $922,582 in fees. This places it sixth (behind Lido, Juto, Ethereum, Solana and Tron).

The decline in transaction activity is likely linked to the poor performance of celebrity meme coins. This sector of meme coins has (unsurprisingly) seen a rapid decline in value following a brief period of speculative activity. For example, Azalea’s MOTHER meme coin is down nearly 80% from its peak.

As reported by U.Today, Ethereum co-founder Vitalik Buterin has criticized the celebrity meme coin craze due to the lack of utility offered by these tokens.

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