As the Meme coin craze cools down, daily trading volume of Pump.fun has plummeted 94% from its peak in January

According to The Block, the trading volume of the "graduated" Pump.fun token has significantly decreased since the beginning of the year, reflecting both the cooling of the broader market and the evolution of trader sentiment. The daily trading volume has plummeted from a peak of $3 billion in January to approximately $170 million at the time of writing, a decrease of up to 94%. This decline is consistent with the slowdown in the platform's token graduation rate, which has decreased from 1.85% per week to 0.83%, indicating a decrease in the number of new tokens eligible to upgrade to Raydium by reaching the $100000 market value threshold. The decline in trading volume points to a possible fatigue phenomenon among traders in the Solana meme ecosystem. After months of intense activity, many participants seem to be tired of the dark side of the field. Factors such as fraudulent absconding, suspicious internet celebrity promotion, and insider trading groups have led to a general decrease in people's trust in Meme coin. Despite the current market downturn, the overall impact of Pump.fun remains significant since its launch on January 19, 2024. In just over seven months, the platform has generated $570 million in revenue.