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

According to a message from ChainCatcher reported by The Block, the trading volume of Pump.fun tokens that have "graduated" since the beginning of the year has significantly decreased. This reflects both a broader market downturn and an evolution in trader sentiment. Daily trading volume has plummeted from a peak of $3 billion in January to about $170 million at the time this article was written, a drop of 94%. This decrease aligns with a slowdown in token graduation rates on the platform, which have fallen from 1.85% per week to 0.83%, indicating that fewer new tokens are reaching the $100,000 market value threshold necessary for upgrading to Raydium.

The contraction in trading volume points towards possible fatigue among traders within Solana's meme coin ecosystem. After several months of frenzied activity, many participants seem tired of darker aspects within this field such as scam exits, dubious influencer promotions and insider trading groups - all factors contributing to widespread declining trust in Meme coins.

Despite current market doldrums, Pump.fun's overall influence remains significant since its launch on January 19th, 2024. In just over seven months' time, it has generated revenue worth $570 million.