泵。

经过长期的下降趋势，该平台的收入每天下降至66.7万美元。

Pump.fun, the massively popular Solana casino, completely round-tripped its status as the leading Solana casino. The platform’s revenues are now down to $667K in a day, continuing a long-running downward trend.

Pump.Fun是一家受欢迎的Solana Casino，完全旋转了其作为领先的Solana赌场的地位。该平台的收入现在每天下降至66.7万美元，持续了长期的下降趋势。

The meme token aggregator is no longer reliably generating millions in fees. As of March 8, daily revenues fell to $667K, the lowest in seven months. While Pump.fun still massively outperforms other protocols in terms of revenues, there are no signs of the downward trend ending.

模因汇总器不再可靠地产生数百万美元的费用。截至3月8日，每日收入降至66.6万美元，是七个月内最低的收入。尽管Pump.Fun在收入方面仍然大大超过其他方案，但没有迹象表明下降趋势结束。

Just a day later, Pump.fun posted a little over $110K in daily revenues. The meme token platform also reflected the general loss of optimism for crypto, as even major coins sank deeper in the red. The total fees for the platform fell off a cliff, despite hovering above $1M in the past week. Within days, the fees were down another 90%.

就在一天后，pump.fun的每日收入略高于11万美元。模因令牌平台还反映了对加密货币的普遍丧失，因为主要硬币甚至更深。尽管在过去一周中徘徊了100万美元，但该平台的总费用掉落了悬崖。几天之内，费用又下降了90％。

The platform achieved its peak daily revenues in January, surpassing $15M in a single day. The downward trend continues, diminishing the platform’s returns every day. The platform has almost returned to its slump from September 2024, but this time, there are doubts about starting a new casino cycle.

该平台在一月份获得了每日高峰收入，一天内就超过了1500万美元。向下趋势继续下去，每天都会减少平台的回报。从2024年9月开始，该平台几乎恢复了低迷，但这一次，人们对开始新的赌场周期有疑问。

One of the reasons for the lower fees is the low number of graduating tokens, which brings a 1.5SOL ‘graduation fee’. The other source of income is the 1% trading fee for all token swaps. In the past day, only 194 tokens graduated to Raydium with sufficient liquidity.

较低费用的原因之一是毕业令牌的数量较少，这带来了1.5sol的“毕业费”。另一个收入来源是所有令牌掉期的1％交易费。在过去的一天中，只有194个令牌毕业于雷迪恩，并以足够的流动性毕业。

Only 7,233 wallets were engaging with making new tokens in the past day. Pump.fun still saw over 11K new launches, though most remained in their bonding curves.

在过去的一天中，只有7,233个钱包参与制作新令牌。 Fump.Fun仍然看到超过11K的新发射，尽管最保留在其粘结曲线中。

The platform’s activity slowed down to 159K new addresses, down from a recent maximum of 292K active addresses. The loss of users arrived after Pump.fun ended its random casino stage, where any meme had a chance of making it big. Instead, the platform started carrying more curated tokens, with the risk of insider influence.

该平台的活动减慢至159k新地址，比最近的292K活动地址的最高速度降低了。泵后，用户损失到达。Fun结束了其随机的赌场阶段，任何模因都有机会使其变得更大。取而代之的是，该平台开始携带更精心策划的令牌，并具有内部影响的风险。

Pump.fun trading volumes also continued to decline, as traders became discouraged by aggressive rug pulls and sniping. At the peak of the cycle, Pump.fun carried up to $3B in value. Currently, the daily trading turnover is a little over $77M. The lack of ‘trenches’ traders also means launches may become unfavorable, as they would not be able to raise sufficient liquidity. The recent series of launches relies on teams to provide liquidity to move the token to Raydium.

随着贸易商因侵略性的地毯拉力和狙击而灰心，泵的交易量也继续下降。在循环的高峰时，泵。Fun的价值高达$ 3B。目前，每日交易营业额略高于7700万美元。缺乏“战es”交易者还意味着推出可能会变得不利，因为他们无法提高足够的流动性。最近的一系列发布依赖于团队提供流动性，以将令牌转移到Raydium。

More than 72% of Pump.fun traffic comes from direct visits, with 7.73% from Google traffic. Pump.fun is tied to crypto-friendly countries, with the biggest share of traffic coming from the USA. The Pump.fun phenomenon brought new cohorts of users, but did not lead to crypto mass adoption. Few of the meme tokens built communities, and none had any utility, unlike meme tokens from the previous cycle.

超过72％的泵流量来自直接访问，其中7.73％来自Google流量。 Pump.Fun与对加密友好的国家有联系，其中最大的交通份额来自美国。泵送现象带来了新的使用者，但并没有导致加密批量收养。与上一个周期中的模因令牌不同，很少有模因令牌建立了社区，没有任何效用。

The positions of meme tokens correlate with the performance of Bitcoin (BTC) and the general sentiment of the crypto market. As such, meme tokens are not counter-cyclical, and have fallen deeper compared to other assets.

模因令牌的位置与比特币（BTC）的性能和加密市场的普遍情绪相关。因此，模因令牌不是反周期性的，与其他资产相比，它更深。

The recent meme token cycle raised doubts about bringing more value to crypto. In total, Pump.fun extracted $500M in the market, liquidating the income through SOL sales. The new value from retail buyers was quickly taken out of the market, and did not move to BTC or other crypto assets. The last $400M in value were extracted between August 2024 and January, tapping the peak meme cycle coinciding with the US elections narrative.

最近的模因标记周期引起了人们对为加密带来更多价值的怀疑。 Pump.Fun在市场上总共提取了5亿美元，通过SOL销售清算收入。零售买家的新价值很快被带出市场，并未转移到BTC或其他加密资产。在2024年8月至1月之间提取了最后4亿美元的价值，敲击了与美国选举叙述相吻合的峰值模因周期。

This led crypto analysts to view the 2024 cycle as aggressively PvP, where the few winners also caused deep losses for users. Pump.fun was seen as one of the most active PvP markets, which only achieved its fees and turnover based on a wide user base willing to lose SOL for the chance of winning with one hot meme token.

这导致加密分析师将2024周期视为积极的PVP，其中少数获奖者还为用户造成了巨大的损失。 Pump.Fun被视为最活跃的PVP市场之一，仅基于一个愿意失去SOL的用户群而获得的费用和营业额，这是有机会使用一个热模因令牌获胜的机会。