Dune Analytics data shows that only 1.41% of the crypto tokens generated through the Solana chain Meme coin creation tool pump.fun have been successfully launched on the Solana protocol Raydium.
Adam Cochran, partner at Cinneamhain Ventures, pointed out that no new coins have "really broken" the fully diluted valuation (FDV) level of $20 million, which shows that "we are finally starting to wash out the Meme cycle." It is worth noting that several American celebrities, including Caitlyn Jenner, Iggy Azalea and Jason Derulo, have used the tool to launch and promote crypto tokens since May.
According to CoinMarketCap data, the total market value of Meme coins is currently $44.94 billion, down 2.67% in the past 24 hours, but the trading volume has increased by 27.29% during the same period to $4.48 billion.