Pump.fun – more like Pump.rekt: Memecoin Creation Platform Making a Killing From Traders Getting Rekt

The no-code platform that allows anyone to create memecoins on Solana has a meager 1.4% success rate for tokens reaching decentralized exchange Raydium.

Pump.fun, a no-code platform that facilitates the creation of memecoins on Solana, has seen only a meager 1.4% success rate for tokens making it to decentralized exchange Raydium. This amounts to 22,330 successfully launched tokens out of an astonishing 1.58 million initially created, as indicated by a Dune Analytics dashboard created by evelyn233.

Raydium imposes a minimum market capitalization requirement of $69,000 for tokens to be listed for trading on its platform.

Such dismal numbers paint a revealing picture of the unsustainable market for memecoins.

To begin with, judging by the market caps of many tokens on Dexscreener, most of those that do manage to reach Raydium experience a brief pump before quickly dumping. The majority of memecoins, around 65%, have market capitalizations well below the $10,000 mark.

While memecoin traders get burned, Pump.fun is cashing in. A Dune dashboard reveals a total of $81 million in SOL in fees paid to the website, with about $79 million belonging to tokens that fail to reach the market.