Dune Analytics data shows that a mere 1.41% of tokens created on pump.fun have successfully made their way onto Raydium, a decentralized finance protocol on Solana. This success rate has fluctuated between 1.21% and 1.41% since May, with the all-time high of 2.56% recorded on February 16th.

Solana’s Memecoin Dilemma

Adam Cochran, a partner at Cinneamhain Ventures, suggested that “this all shows that we’ve finally killed the memecoin trend.” Bread, a crypto analyst and Web3 developer, echoed this sentiment, remarking, “I didn’t realize how brutal the memecoin trend on pump.fun actually is.” He pointed out that of the 1.58 million tokens created, only 22,300 made it to Raydium.

Some analysts argue that this low success rate is not indicative of the overall memecoin market but rather a reflection of how easy pump.fun makes it to create memecoins. Crypto personality Bunjil, with 56,900 followers, tweeted, “Pump fun didn’t kill memecoins, it just pulled back the curtain on how the sausage is made and made making the aforementioned sausage very easy.”

Despite the low success rate, the platform has generated significant revenue from creation fees. Pump.fun charges a 1% transaction fee until a token reaches a certain market capitalization threshold.

The platform has become a trend among celebrities, with the likes of Caitlyn Jenner, Iggy Azalea, and Jason Derulo creating and promoting memecoins.

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