Pump.fun tokens decline to September 2024 lows as interest wanes

The meme coin sector is facing a significant downturn, with tokens generated by the Solana-based (CRYPTO:SOL) platform Pump.fun dropping to their lowest levels since September 2024.

On-chain data from blockchain analytics platform Dune indicates that the total number of tokens launched through Pump.fun has fallen below 12,000, reflecting a broader decline in interest in meme coins.

Since its launch in January 2024, Pump.fun has become a popular platform for creating meme coins due to its user-friendly interface, which allows individuals with minimal technical knowledge to deploy tokens.

The platform peaked on January 23, 2024, when over 71,700 meme coins were launched in a single day.

However, notable tokens like TRUMP (CRYPTO:TRUMP), which initially gained traction, have since seen dramatic declines; the TRUMP token has plummeted 82% from its all-time high and has fallen significantly in market ranking.

This lack of sustained growth and ongoing legal issues surrounding Pump.fun have likely contributed to users' reduced engagement with the platform.

Additionally, the mid-February crash of the LIBRA (CRYPTO:LIBRA) meme coin, linked to Argentine President Javier Milei, further diminished user activity and fees generated by Pump.fun.

Crypto experts suggest that for Pump.fun to regain its previous popularity, it will need to focus on projects that incorporate sustainable utilities, such as non-fungible tokens (NFTs) and decentralised applications (dApps).

While the current sentiment towards meme coins appears bearish, those projects that can offer real use cases may endure through this market downturn.

As the landscape evolves, it remains uncertain whether Pump.fun can attract renewed interest and user engagement amid increasing skepticism towards meme coins and their long-term viability.