PANews reported on March 5 that according to The Block, the trading volume of "graduated" Pump.fun tokens has dropped significantly since the beginning of the year, which reflects both the cooling of the broader market and the evolution of trader sentiment. Daily trading volume has plummeted from a peak of $3 billion in January to about $170 million at the time of writing, a drop of 94%. This drop coincides with the slowdown in the platform's token graduation rate, which has dropped from 1.85% per week to 0.83%, indicating that the number of new tokens that have reached the $100,000 market value threshold and are eligible to upgrade to Raydium has decreased.

The decline in trading volume points to possible trader fatigue in the Solana memecoin ecosystem. After months of frenetic activity, many participants appear to be tired of the dark side of the space. Factors such as scams, suspicious influencer promotions, and insider trading groups have led to a general decrease in trust in memecoins. Despite the current market downturn, Pump.fun's overall impact has remained significant since its launch on January 19, 2024. In just over seven months, the platform has generated $570 million in revenue.