Basri Caneri 
Pump.fun, the token launch platform connected to the Solana ecosystem, experienced a massive drop in trading volume in the first two months of 2025. Trading volume fell from $119 billion in January to $44 billion in February, a 63% decline. In the last four days, the platform saw $2.1 billion in trading volume.
Although Pump.fun’s trading volume in February is the lowest since October 2024, it is the platform’s fourth highest overall. The drop is attributed to the impact of increased regulatory scrutiny on the memecoin market, along with the downturn in the overall crypto market.
New Token Listings Fall Sharply
The challenges in the Memecoin market are not limited to trading volume. The number of new tokens listed on Pump.fun has also declined. On January 24, close to 1,200 new tokens were listed on the platform daily , while in early March, this number dropped to less than 300.
In a statement to Cointelegraph, Pump.fun co-founder Alon Cohen attributed the drop in trading volume to the general slowdown in the crypto market. “When the market falls, so do altcoins and memecoins. Activity on platforms like Pump.fun decreases accordingly.” However, he emphasized that the platform’s revenue share in the on-chain ecosystem remains largely the same.
According to Dune Analytics data, Pump.fun’s revenue in the last 30 days was recorded as approximately 74 million dollars.
Is the Memecoin Craze Coming to an End?
Memecoin trading, which attracted a lot of attention during the recent bull market, has been on the decline due to growing concerns about fraud, insider trading and rug pulls.
One of the biggest reasons for these concerns was the Libragate scandal. A token backed by Argentine President Javier Milei collapsed after garnering massive interest and was characterized as a $107 million rug pull. 86% of investors lost over $1,000.
Anastasija Plotnikova, CEO of blockchain regulatory firm Fideum, said the memecoin market has now “transformed from community-driven social experiments to a chaotic structure that extracts value from retail investors.” Stating that insider groups, pump-and-dump schemes and sharp trading groups dominate the market, Plotnikova said, “The organic structure of the original memecoins has disappeared and an unhealthy market environment has formed.”
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