Pump.fun sees decline in fees, users, and token launches after LIBRA incident

Following the contention astir the LIBRA token, Solana-based token launchpad Pump.fun registered important decreases successful play values for caller users, token launches, and fees collected.

According to a Dune Analytics dashboard by idiosyncratic evelyn233, the fig of caller users onboarded successful the launchpad fell 16.4% to 601,516 from 719,524 betwixt Feb. 7 and Feb. 13. This is the archetypal clip since precocious November that the caller users’ regular mean wrong a week fell beneath 100,000.

Since the LIBRA incident, the fig of tokens deployed play has decreased by 26.3%, from 344,607 to 253,955. Despite the decrease, Pump.fun has deployed adjacent to 8 cardinal tokens successful 13 months arsenic of Feb. 21.

The launchpad’s fees besides slumped owed to the smaller fig of tokens deployed. From Feb. 7 to 13, 124,623 SOL were collected successful fees, falling by astir 32% to 85,196 SOL the pursuing week. 

Furthermore, this is the archetypal clip since the past week of December that the regular mean fees collected wrong a week fell beneath 15,000 SOL.

Cooling memecoin market

The LIBRA contention cooled disconnected the memecoin marketplace connected Solana. Javier Milei, President of Argentina, endorsed the memecoin LIBRA connected Feb. 14 by saying the token was a mode to money Argentinian ventures. 

The token terms rapidly soared, reaching a $4.5 cardinal marketplace headdress earlier it crashed 95% implicit the weekend. 

Despite the crash, a report by Nansen highlighted that 2 wallets profited implicit $10 cardinal by buying the token a fewer seconds aft Milei posted astir LIBRA connected X and selling it astatine its nonstop highest terms of $4.55.

The occurrence raised questions about insider trading activity successful memecoin markets and prompted debates connected however memecoins affect Solana’s trustworthiness. This is perchance a cardinal origin down Pump. fun’s important slump successful numbers implicit the past week.

As a effect of the debates and the existent capitalist unease toward memecoins, this assemblage fell 13.4% since Feb. 14 arsenic of property time, registering the third-largest drawdown successful altcoin sectors successful the play per Artemis’ data.

The station Pump.fun sees diminution successful fees, users, and token launches aft LIBRA incident appeared archetypal connected CryptoSlate.