Trading volume on Pump.fun, a token launchpad in the Solana ecosystem, has plunged 63% from January to February 2025, data from Dune Analytics shows. The decline comes as memecoins face mounting scrutiny amid a string of scandals.
In total, the platform’s trading volume declined from $119 billion to $44 billion in the first two months of 2025, with $2.1 billion in trading activity recorded in the past four days.
As Cointelegraph reported, new token listings on Pump.fun are also down. After seeing a high of nearly 1,200 tokens per day on Jan. 24, the number dropped below 300 per day in early March.
Pump.fun monthly trading volume (in green). Source: Dune Analytics
While Pump.fun’s February trading volume is the lowest since October 2024, it is still the company’s fourth-highest since it launched in January 2024.
In comments to Cointelegraph, Pump.fun co-founder Alon Cohen attributed the slowdown in activity to the crypto market’s overall downturn. “When the market trades down, altcoins as well as memecoins trade down, and activity across crypto — including on Pump.fun — slows down,” Cohen said, adding that the platform’s “share of revenue across the entire onchain ecosystem has remained essentially the same.”
Pump.fun’s revenue over the last 30 days came in at nearly $74 million, according to Dune Analytics.
Dampened enthusiasm for memecoins
Memecoin trading, which had been a meta in this current crypto bull run, has taken a slide among fears of insider trading, rug pulls and fraud.
High-profile incidents have amplified these concerns. One such incident was the so-called “Libragate,” in which a token launched by a group that included the now-infamous Hayden Davis surged in popularity after receiving an endorsement from Argentine President Javier Milei. The token ended up being what many are calling a $107 million rug pull, with 86% of investors having a realized loss of more than $1,000.
Related: Top Memecoin scams to avoid in February 2025
Anastasija Plotnikova, co-founder and CEO of blockchain regulatory firm Fideum, told Cointelegraph that “memecoins have evolved from community-driven social experiments into a chaotic landscape dominated by value extraction from retail investors.”
According to Plotnikova, “Insider rings, pump-and-dump schemes, and sniper groups have replaced the organic, collectible nature of original memecoins, creating an unhealthy playing field.”
Memecoins have caught the attention of the US Securities and Exchange Commission as well. In a Feb. 27 statement, the SEC confirmed that memecoins aren’t securities, but noted that fraud will still be policed.
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