The memecoin frenzy on Pump.fun is hitting a wall, with the platform’s “graduation rate” sinking below 1% for the fourth straight week.
“Graduation rate” is the memecoin launchpad’s term for tokens that make it through the incubation phase and become fully tradable on a Solana decentralized exchange (DEX). To graduate, a token must meet specific liquidity and trading requirements.
Over the past four weeks, starting from Feb. 17, Pump.fun’s graduation rate has remained below 1% for the first time, Dune Analytics data shows.
Pump.fun’s tanking token success rate. Source: Dune Analytics
Pump.fun’s graduation rate has never been particularly high. The platform’s best-performing week was in November when 1.67% of memecoins moved on to the open market. However, the sheer volume of tokens launched on the platform at the time made this percentage more significant than it is now. During the week starting Nov. 11,