the reason is pump fun js scamming people when the coin is about to hit binding curve they took 5000$ and people see the holder sold but jn reality the pump fun took their money

Just as predicted, “Solana’s explosive growth is deeply linked to Pumpfun’s success”, but what happens when the hype fades?

The memecoin launchpad took Solana’s on-chain activity to unprecedented levels, but recent data signals a steep decline in engagement

The Pumpfun Peak in January

> 71,735 token launches in a single day (Jan. 23)

> $3 billion in daily trading volume for graduated tokens

> A frenzy fueled by Donald Trump’s official memecoin announcement

But as of Feb. 26, token launches collapsed to 25,385, nearly a third of its peak.

The Decline

• From 24,008 graduated tokens in January to just 11,532 in February

• Each token gets $17k liquidity on Raydium, but fewer tokens are sustaining volume

• Celebrity-fueled mania (Trump, Milei) faded, leading to lower organic interest

✍️ My Take

Pumpfun took Solana to new heights, but the hype cycle is cooling fast.

If the next wave of memecoin speculation doesn’t emerge soon, the ecosystem risks becoming a short-lived casino rather than a sustainable innovation hub.