The recent crash of most Pump.fun tokens has left investors reeling, with millions of dollars lost in just a matter of weeks. Data reveals that these meme coins have seen a significant decline of over 20% in the past seven days and more than 50% from their peak earlier this year, resulting in a combined market cap of $391 million.
Leading the pack is Michi (MICHI), the largest token in the ecosystem, which has plummeted from $0.49 in May to $0.10, with its market cap shrinking from $187 million to $58 million. Daddy Tate (DADDY) and Rapper Iggy Azalea’s (MOTHER) tokens have also experienced sharp drops in value, along with other popular Pump.fun tokens like Billy, Smoking Chicken Fish, Aura, and Waffles.
Despite the losses suffered by investors, Pump.fun’s developers have managed to rake in nearly $100 million in cumulative fees since the platform’s inception, with July being a particularly lucrative month. Additionally, Sahil Aora, the alleged mastermind behind some of this year’s celebrity-backed tokens, is estimated to have made over $30 million from the craze.
The success of Pump.fun has also had a positive impact on Solana (SOL), with the blockchain seeing increased activity on decentralized exchanges like Raydium and Orca. This has inspired the launch of SunPump by Justin Sun, which has quickly gained popularity among users.
As the market continues to fluctuate, investors are left wondering about the future of meme coins and the impact of platforms like Pump.fun on the cryptocurrency landscape.
