Pump.Fun Token Graduation Rate Plummets

As of 9 am ET on March 14, no tokens had graduated from Pump.fun in the previous 24 hours.

That changed as the day wore on, with 221 tokens passing the $52,000 market capitalization boundary for graduation and being listed on Raydium, according to Dune Analytics.

But still, less than 1% of memecoins graduated from the launchpad for the fourth straight week, raising the question, are memecoins dead?

Activity has been dwindling since peaking in January at the height of the most recent memecoin season, a period when tokens based on jokes or internet memes gain significant attention and are traded very actively. Far and away, the most famous of these in recent times is the U.S. President’s TRUMP token, which skyrocketed in the days leading up to Donald Trump’s inauguration.

Memecoin season was widely pronounced dead in the wake of the Feb. 14 debacle fueled by Argentinian President Javier Milei, who posted on X about the LIBRA token, which skyrocketed and promptly collapsed. Many referred to the event as a rug pull.

But it was already dying by early February when the collective market capitalization was down by $47 billion.

While the graduation rate was never particularly high, the sheer number of tokens launched on Pump.fun made the graduation volume impressive. In January, 1.7 million tokens were launched on Pump.fun, with 24,000 graduating at a rate of 1.4%.

By February, the number was down to 1.1 million tokens, of which 12,000 graduated.

And March is on track to be far below that. As of March 13, just 344,000 tokens had been launched. If the same pace continues for the rest of the month, that works out to 820,000 tokens launched and about 6,600 graduated. That would be around 55% of the 11,900 that graduated in February, according to Dune Analytics, which was itself about half of the 24,000 that graduated in January.