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Most Pump.fun tokens have plummeted sharply in recent weeks, costing investors millions of dollars.
Data shows that most of these meme coins have declined by over 20% in the past seven days and more than 50% from their highest points this year. Their combined market cap has now fallen to $391 million.
Most Pump.fun tokens have crashed
Michi (MICHI), the largest part of the ecosystem, has dropped from $0.49 in May to $0.10, with its market cap shrinking from $187 million to $58 million.
Daddy Tate (DADDY), themed after Andrew Tate, has plunged from $0.52 to $0.072, with its valuation slipping to $43 million.
Similarly, Rapper Iggy Azalea’s (MOTHER) token has tumbled from an all-time high of $0.22 to $0.0300, bringing its valuation to just over $38 million. Other top Pump.fun tokens that have faced significant declines include Billy, Smoking Chicken Fish, Aura, and Waffles.
Not everyone has suffered big losses, though. Data from DeFi Llama shows that Pump.fun’s developers have raked in nearly $100 million in cumulative fees since the platform’s launch, with July being the best month yet. It generated over $28 million in July, following $20 million in June. Pump.fun’s revenue has already surpassed $15 million in August.
Another key beneficiary of the Pump.fun craze is Sahil Aora, believed to be the mastermind behind some of this year’s most popular celebrity-backed tokens. He is estimated to have made over $30 million.
Justin Sun launches Sunpump
Pump.fun’s meme coins have also benefited Solana (SOL), which has seen more activity across its decentralized exchanges like Raydium and Orca. Data shows Solana handled over $6.5 billion in transactions in the last 7 days.
Pump.fun has emerged as a popular platform for generating meme coins. Over the past eight months, users have created more than 1.8 million tokens, some of which have gone viral. Its technology leverages Solana, a blockchain known for low fees and fast transaction speeds.
The success of Pump.fun has inspired the creation of other meme coin generators. Last week, Justin Sun unveiled SunPump, which is quickly gaining traction among users.
This article first appeared at crypto.news
