As the meme coin craze cools down, Pump.fun's daily trading volume has plummeted by 94% compared to the peak in January
ChainCatcher news, 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. Daily trading volume has plummeted from a peak of $3 billion in January to about $170 million at the time of writing, a drop of 94%. This decline corresponds with a slowdown in the graduation rate of platform tokens, which has decreased from 1.85% per week to 0.83%, indicating a reduction in the number of new tokens reaching the $100,000 market cap threshold and thus qualifying for an upgrade to Raydium.The shrinkage in 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 weary of the darker aspects of the space. Factors such as scams, dubious influencer promotions, and insider trading groups have led to a general decline in trust towards meme coins.Despite the current market slump, Pump.fun's overall impact has remained significant since its launch on January 19, 2024. In just over seven months, the platform has generated $570 million in revenue.