泵上的Memecoin繁榮。FUN正在失去蒸汽

術語“畢業率”是指通過泵的代幣的百分比。

Memecoin enthusiasm on Pump.fun, a platform facilitating token creation and trading on Solana, appears to be waning, according to data from Dune Analytics.

根據Dune Analytics的數據，Memecoin對Pump.Fun的熱情是一個促進令牌創建和交易的平台，似乎正在減弱。

The platform's "graduation rate," referring to the percentage of tokens completing incubation and becoming fully tradable on Solana decentralized exchanges (DEXs), remained below 1% for a fourth consecutive week. Tokens must meet sufficient liquidity and trading volumes to qualify for graduation.

該平台的“畢業率”指的是令牌完成孵化的百分比，並在Solana Solana分散交易所（DEX）上變得完全可交易，連續第四周保持低於1％。令牌必須滿足足夠的流動性和交易量才能獲得畢業資格。

While Pump.fun has never boasted a high success rate—its best week in November 2024 saw 1.67% of memecoins graduate—the platform's launch activity at the time was significant. A record-breaking 323,000 tokens were created in a single week, ultimately sending around 5,400 new tokens into Solana's DeFi market.

儘管Pump.Fun從未吹噓成功率很高，這是2024年11月最好的一周，佔Memecoins畢業生的1.67％，當時該平台的發布活動很重要。一周內創建了創紀錄的323,000個代幣，最終使大約5,400個新令牌進入了Solana的Defi市場。

However, with lower token creation volume—averaging 100,000 tokens weekly—and a decline in new token launches, Pump.fun's weekly graduations dropped to an average of 1,500 over the past month.

但是，隨著代幣創建量的較低（每週100,000個令牌，新的令牌都會下降），在過去一個月中，Pump.Fun的每週畢業每週畢業平均下降到1,500。

The platform's total volume also decreased significantly from $119 billion to $44 billion, with only $2.1 billion in trades over the past four days.

該平台的總銷量也從1190億美元下降到440億美元，在過去四天中僅進行了21億美元的交易。

At its peak in January, nearly 1,200 tokens were launching daily on Pump.fun. But with slowing token activity, that number had fallen below 300 per day by early March.

在1月的頂峰時，近1200個令牌每天都在pump.fun上推出。但是隨著令牌活動的放緩，到3月初，這一數字每天下降到300以下。

Trading volume for graduated Pump.fun tokens also plunged 94% from January highs of $3 billion to about $170 million. The platform's token graduation rate, which tracks new coins reaching $100,000 in market cap to move to Raydium, had slowed, dropping from 1.85% to 0.83% weekly.

從1月份的30億美元高點到約1.7億美元，額定泵的交易量也從1月份的高點開始下降了94％。該平台的代幣畢業率追踪了新硬幣，達到了100,000美元的市值遷移到Raydium，已放慢速度，每週下降到1.85％降至0.83％。

Despite the downturn, February's trading volume remains the fourth-highest month for Pump.fun since its launch in January 2024.

儘管經歷了低迷，但2月的交易量仍然是自2024年1月推出以來pump.fun的第四高月份。

Pump.fun co-founder Alon Cohen attributed the slowdown to broader market conditions, adding that when the market dips, altcoins and memecoins follow suit.

Pump.Fun聯合創始人Alon Cohen歸因於更廣泛的市場狀況，並補充說，當市場下降，Altcoins和Memecoins效仿時。

"We are seeing a slight decrease in volume, but Pump.fun's share of revenue in the on-chain ecosystem has remained stable," Cohen said. "Over the last 30 days, we've pulled in $74 million in revenue."

科恩說：“我們看到的數量略有下降，但是泵庫在鏈生態系統中的收入份額保持穩定。” “在過去的30天中，我們獲得了7400萬美元的收入。”

The downturn also hints at trader fatigue within Solana's memecoin ecosystem. Months of hype have been followed by growing distrust, driven by rug pulls, influencer-driven schemes, and insider trading groups. Speculative surges, like those seen with presidential, influencer, and AI-themed tokens, often fizzle out as the risks become clearer.

經濟低迷也暗示了Solana的Memecoin生態系統中的Trader疲勞。在地毯拉力，有影響力的驅動方案和內幕交易小組的驅動下，炒作的幾個月之後，已經越來越不信任。像總統，有影響力的人和以ai為主題的令牌那樣的投機性激增，隨著風險變得更加清晰，通常會消失。

One notable instance was the "Libragate" scam, which saw a token backed by a group including Hayden Davis surge after receiving Argentine President Javier Milei's endorsement. However, it culminated in a $107 million rug pull, with 86% of investors losing at least $1,000.

一個值得注意的例子是“ Libragate”騙局，該騙局在接受阿根廷總統Javier Milei的認可之後，在包括海登·戴維斯（Hayden Davis）的一群人的支持下。但是，它最終達到了1.07億美元的地毯，其中86％的投資者損失了至少1,000美元。

Looking ahead, Pump.fun isn't standing still. It recently launched a mobile app and teased a native automated market maker.

展望未來，pump.fun並沒有靜止。它最近啟動了一個移動應用程序，並取笑了一個本地自動化的做市商。

The slump highlights falling demand for memecoins, which are often viewed as avenues for short-term speculation rather than long-term investment. Even political figures, such as Donald Trump, launched their own tokens, but enthusiasm has waned. Trump's memecoin has dropped 84% from its January peak, according to CoinGecko.

低迷強調了對成年人的需求下降，這些需求通常被視為短期投機而不是長期投資的途徑。即使是唐納德·特朗普（Donald Trump）等政治人物也推出了自己的代幣，但熱情卻在減弱。根據Coingecko的說法，特朗普的紀念物從1月份的高峰起下降了84％。

Regulators are also taking notice. In a statement, the SEC clarified that memecoins aren't securities, but it will continue to pursue any instances of fraud and market manipulation.

監管機構也在註意到。 SEC在一份聲明中澄清說，Memecoins不是證券，但它將繼續追求任何欺詐和市場操縱的情況。