Emre Yumlu 
Pump.fun meme coins are experiencing major failures, dragging Bitcoin down with them and creating a negative impact on the crypto market.
Pump.fun Meme Coin Frenzy Hits a Standstill
The meme coin frenzy on Pump.fun has come to a halt, with the platform’s “graduation rate” dropping below 1% for four consecutive weeks.
The “graduation rate” refers to the tokens that pass through the incubation phase and become fully tradable. Tokens must meet specific liquidity and trading requirements to graduate.
According to Dune Analytics, Pump.fun’s graduation rate dropped below 1% for the first time since February 17th. The platform’s highest rate was 1.67% in November 2024, but at that time, the number of tokens launched was significantly higher than it is now. In the week starting November 11th, 323,000 tokens were created on Pump.fun, and this rate led to approximately 5,400 tokens entering Solana’s DeFi ecosystem.
With the reduction in token production, weekly graduations have fallen to around 1,500 tokens over the past four weeks, according to Dune.
Meme Coins Struggling While Ignoring Positive Market Signals
The declining graduation rate on Pump.fun reflects a decrease in investor interest in meme coins. Meme coins became popular as quick money-making opportunities or lottery tickets for creators.
Many political figures have also launched their own meme coins, with U.S. President Donald Trump among them. Trump’s token has lost 84% of its value since reaching its peak on January 19th.
Struggles Persist Despite Increased Liquidity and Bitcoin Decline
According to Matrixport, meme coins continue to struggle despite increasing liquidity. In February, Matrixport analysts pointed out that the strengthening of the U.S. dollar had pressured Bitcoin prices and tightened dollar-based liquidity. However, since then, the U.S. dollar has weakened, which led to improvements in liquidity indicators. Despite these positive changes, meme coins continue to face difficulties even during the bull market.
The weakening meme coin market has led to a $1 trillion reduction in the crypto market capitalization. Matrixport believes that this trend could cause Bitcoin to decline further, potentially falling to $73,000, which they consider to be a “strong support” level.
You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.