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

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Golden Finance reported that since the beginning of the year, the trading volume of the "graduated" Pump.fun token has significantly decreased, reflecting both a cooling 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 this article, a decrease of 94%. This decline coincides with the slowing graduation rate of platform tokens, which has dropped from 1.85% per week to 0.83%, indicating a reduction in the number of new tokens eligible to upgrade to Raydium with a market value of $100,000.

The contraction of trading volume points to a potential fatigue among traders in the Solana Meme coin ecosystem. After months of frenzied activity, many participants seem to be tired of the dark side of the field. Factors such as scam runs, suspicious influencer promotions, and insider trading groups have led to a widespread decrease in trust in Meme coins. Despite the current market downturn, Pump.fun's overall impact remains significant since its launch on January 19, 2024. In just over seven months, the platform has generated $570 million in revenue.

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