- Pump.fun’s daily revenue drops as meme coin hype fades, signaling market saturation.
- Only 0.88% of new meme tokens reach exchanges, signaling reduced investor interest.
- SEC rules meme coins as collectibles, exempting them from securities regulations.
The once-booming meme coin creation platform Pump.fun has experienced a decline in revenue, marking a shift in investor sentiment across the cryptocurrency space. According to sources, the daily revenue has retreated to just above $1 million, comparable to levels seen in early to mid-October of last year. This shows signs of cooling of the meme coin frenzy that dominated recent months.
Data from Dune reveals a stark contrast between token creation volume and successful launches. While approximately 27,700 tokens were created in the past 24 hours, only 0.88% successfully moved to exchanges. This shows both oversaturation in the market and fading investor appetite for purely speculative assets.
The weekly graduation rate chart shows a clear downward trajectory since February 2025, with the current rate falling below 0.9%. This is the lowest in the tracked period dating back to July 2024. This is a marked decline from previous peaks that sometimes exceeded 2% graduation rates.
Monthly statistics further show this trend. While January 2025 saw over 1.7 million tokens launched with 24,008 graduations (1.39% success rate), the data shows fluctuating but generally declining graduation percentages compared to mid-2024, when rates consistently exceeded 1.5%.
Source: Dune
Market analysts attribute this slowdown to several factors. Primarily, investor interest appears to be pivoting toward cryptocurrencies with established utility and fundamental value propositions. Projects operating in decentralized finance (DeFi), non-fungible token (NFT) infrastructure, and layer-1 blockchain solutions are attracting capital that previously flowed into speculative meme assets.
The overall market context also plays a role in this changing sentiment. Recent price volatility in major cryptocurrencies has prompted more cautious investment strategies. Many traders are reducing exposure to higher-risk speculative tokens in favor of projects with clearer value propositions and established track records.
Related: SEC Moves Toward Resolution in Justin Sun Case
The SEC’s recent stance on meme coins may influence future activity in this sector. In a notable policy clarification, the Securities and Exchange Commission determined that meme coins – including those promoted by President Donald Trump – are not subject to federal securities regulations. The agency classified these tokens as “collectibles” rather than securities. This potentially saves issuers from litigation and opens the door for continued development in this segment of the cryptocurrency market.
