During the week starting Nov.11, 323,000 tokens were created on Pump.fun, meaning the 1.67% graduation rate translated to roughly 5,400 tokens entering Solana’s DeFi economy in a single week.Related: Pump.fun’s memecoin freak show may result in criminal charges: ExpertWith token creation volume declining on both Pump.fun and Solana, weekly token graduations have plummeted to a four-week average of around 1,500 tokens at the time of writing, according to Dune.
Bitcoin caught in memecoin aftershocksThe struggling memecoin market has contributed to a $1 trillion wipeout in crypto market capitalization, according to Matrixport.“This redistribution of wealth may lead investors to remain cautious about deploying further capital, causing rebounds — even those triggered by better-than-expected inflation data — to be limited,” the report noted.
The memecoin frenzy on Pump.fun is hitting a wall, with the platform’s “graduation rate” sinking below 1% for a fourth straight week.“Graduation rate” is the memecoin launchpad’s term for tokens that make it through the incubation phase and become fully tradable on a Solana decentralized exchange (DEX).
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