The broader crypto market has experienced a bearish trend, but several cryptocurrencies have lost their attention. Memecoin is one such asset.
On-chain data from the blockchain analytics platform Dune reveals that Meme tokens created using the Solana-based Meme Coins generator pump have fallen since September 2024. At the time of this writing, the total tokens released on Meme Token Generator was below 12,000.
pump.fun token down
Since its debut in January 2024, Pump.Fun has become the go-to platform for creating meme coins on the Solana blockchain. This is primarily because the platform allows users to deploy meme tokens with minimal or no language knowledge and technical expertise in creating and managing cryptocurrencies.
According to Dune, the Meme Coin generator has produced hundreds of thousands of meme tokens in more than a year. Pump.Fun saw the peak number of tokens created in one day on January 23rd, when more than 71,700 meme coins were released.
In particular, Pump.fun helped create viral meme coins like Trump. Trump created waves shortly after his debut, but was unable to attract attention a few weeks later. Previous reports reveal how low Trump-themed meme tokens are, dropping from the second-largest meme coin by market capitalization rankings to a fierce 82%, down 82% from an all-time high. This sustained long-term growth and other legal issues facing Pump.Fun and its tokens may have caused users to refrain from using the platform.
After the mid-February crash of Solana-based Meme Coin Libra, tied to Argentine President Javier Milei, Pump.Fun has reduced commissions, users and token involvement.
Go back?
How Pump.Fun once had attention and user engagement remains unknown. Still, crypto experts believe that memecoin projects with sustainable utilities will survive the ongoing bearish trend.
These utility/use cases include incorporating inappropriate tokens (NFTs), distributed applications (DAPPs), artificial intelligence (AI) tools, and more into your ecosystem.
