泵上的Memecoin繁荣。FUN正在失去蒸汽

术语“毕业率”是指通过泵的代币的百分比。

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

根据Dune Analytics的数据，Memecoin对Pump.Fun的热情是一个促进令牌创建和交易的平台，似乎正在减弱。

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.

该平台的“毕业率”指的是令牌完成孵化的百分比，并在Solana Solana分散交易所（DEX）上变得完全可交易，连续第四周保持低于1％。令牌必须满足足够的流动性和交易量才能获得毕业资格。

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.

尽管Pump.Fun从未吹嘘成功率很高，这是2024年11月最好的一周，占Memecoins毕业生的1.67％，当时该平台的发布活动很重要。一周内创建了创纪录的323,000个代币，最终使大约5,400个新令牌进入了Solana的Defi市场。

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，随着代币创建量的较低（每周100,000个令牌，新的令牌都会下降），在过去一个月中，Pump.Fun的每周毕业每周毕业平均下降到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.

该平台的总销量也从1190亿美元下降到440亿美元，在过去四天中仅进行了21亿美元的交易。

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月的顶峰时，近1200个令牌每天都在pump.fun上推出。但是随着令牌活动的放缓，到3月初，这一数字每天下降到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.

从1月份的30亿美元高点到约1.7亿美元，额定泵的交易量也从1月份的高点开始下降了94％。该平台的代币毕业率追踪了新硬币，达到了100,000美元的市值迁移到Raydium，已放慢速度，每周下降到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.

尽管经历了低迷，但2月的交易量仍然是自2024年1月推出以来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联合创始人Alon Cohen归因于更广泛的市场状况，并补充说，当市场下降，Altcoins和Memecoins效仿时。

"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."

科恩说：“我们看到的数量略有下降，但是泵库在链生态系统中的收入份额保持稳定。” “在过去的30天中，我们获得了7400万美元的收入。”

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.

经济低迷也暗示了Solana的Memecoin生态系统中的Trader疲劳。在地毯拉力，有影响力的驱动方案和内幕交易小组的驱动下，炒作的几个月之后，已经越来越不信任。像总统，有影响力的人和以ai为主题的令牌那样的投机性激增，随着风险变得更加清晰，通常会消失。

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.

一个值得注意的例子是“ Libragate”骗局，该骗局在接受阿根廷总统Javier Milei的认可之后，在包括海登·戴维斯（Hayden Davis）的一群人的支持下。但是，它最终达到了1.07亿美元的地毯，其中86％的投资者损失了至少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.

展望未来，pump.fun并没有静止。它最近启动了一个移动应用程序，并取笑了一个本地自动化的做市商。

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.

低迷强调了对成年人的需求下降，这些需求通常被视为短期投机而不是长期投资的途径。即使是唐纳德·特朗普（Donald Trump）等政治人物也推出了自己的代币，但热情却在减弱。根据Coingecko的说法，特朗普的纪念物从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.

监管机构也在注意到。 SEC在一份声明中澄清说，Memecoins不是证券，但它将继续追求任何欺诈和市场操纵的情况。