Solana and Pump.fun Activity Declines as Memecoin Mania Wears Off

Memecoins have been getting a lot of hate in the past few days, so perhaps it’s no surprise that activity on both Solana and its primary launchpad Pump.fun is declining.

The number of tokens launched on Solana has been dropping steadily since Feb. 12, when 72,660 were minted, compared with 52,244 on Feb. 19, a 28% decline, according to Solscan’s latest data.

That’s a 50% drop from the all-time high for daily tokens issued of 95,578 on Jan. 25. The January high came after a big growth spurt in the week following President Trump’s TRUMP launch on Jan. 17, when 59,146 tokens were launched on Solana.

As memecoin mania weares off, fewer new users are coming to Pump.fun, which accounts for the majority of token launches on Solana. On Feb. 19, the no-code token launchpad had the fewest new wallet addresses interact with the platform since November, according to data compiled by Dune Analytics.

Memecoins had been on the rise, accounting for Solana’s biggest source of revenue and trading activity. However, the Feb. 14 X post by Argentine President Javier Milei that led to the pump and dump of the Libra token left more than a bad taste in the crypto community’s mouth.

Milei first published a post on X touting the Libra memecoin as a way to help Argentine small businesses. He deleted it later that day after the token’s price collapsed when insiders pulled more than $100 million worth of tokens.

“While a souring memecoin narrative had already begun following the liquidity suck caused by $TRUMP’s launch, the fallout from the $LIBRA launch and dump could result in further destruction of the memecoin complex, thus reducing the market’s need to hold SOL,” Galaxy Research wrote in a note on Feb. 18.

Indeed, Solana’s SOL token is down almost 15% on the week, while Bitcoin is little changed, according to CoinGecko.