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The memecoin launchpad Pump.fun is struggling to sustain its token graduates, with a success rate that has now dipped below 1% for the fourth consecutive week.
This figure, which measures the proportion of tokens that successfully complete the incubation phase to become fully tradable on a Solana decentralized exchange, signals growing challenges in the current memecoin frenzy, Cointelegraph reported.
- Extremely low success rate: Less than 1% of memecoins launched on Pump.fun are meeting the liquidity and trading requirements needed to graduate.
- Declining trend: The graduation rate has fallen sharply compared to the platform’s best-performing week in November 2024, when it reached 1.67%.
- Massive token volume: High token creation volumes have not translated into sustainable token success in the competitive Solana DeFi ecosystem.
Pump.fun defines “graduation” as the successful transition of a memecoin from incubation to becoming tradable on a Solana DEX. For a token to graduate, it must meet strict liquidity and trading benchmarks.
Despite a historic peak of 1.67% during the week of November 11, 2024—when 323,000 tokens were created, translating to about 5,400 tokens graduating—the current success rate has now fallen to less than 1%. This sharp decline suggests that many of the newly launched tokens are failing to build the necessary liquidity.
Pump.fun’s tanking token success rate. Source: Dune Analytics
Pump.fun has gained a questionable reputation after launching many scandalous memecoins. In addition, on February 26, Pump.fun's X-account was hacked to promote fraudulent tokens.
he low success rate at Pump.fun reflects broader market challenges for memecoins amid an oversaturated token environment and heightened investor caution. As the novelty of memecoins wanes, many tokens struggle to achieve the liquidity and sustained trading volumes required to thrive in Solana’s competitive DeFi landscape.
A sustained low success rate could reshape investor expectations and drive innovation in token design and launch mechanisms in the memecoin sector.
As a reminder, we reported earlier that Solana revenue falls 93% after memecoin market crash.