PANews reported on March 14 that according to Cointelegraph, the Meme coin craze on Pump.fun is encountering a bottleneck, and the platform's "graduation rate" has been below 1% for four consecutive weeks. "Graduation rate" is a term used by the Meme coin launch platform to describe the tokens passing the incubation stage and being fully tradable on the Solana decentralized exchange (DEX). To graduate, the token must meet specific liquidity and trading requirements.

Dune Analytics data shows that over the past four weeks, Pump.fun's graduation rate has remained below 1% for the first time since February 17. Pump.fun's graduation rate has never been high, and the platform's best week was in November last year, when 1.67% of Meme coins entered the open market. However, the large number of tokens launched on the platform at that time made this percentage more significant than it is now. In the week starting November 11 last year, 323,000 tokens were created on Pump.fun, which means that a graduation rate of 1.67% is equivalent to approximately 5,400 tokens entering Solana's DeFi economy in a week.

As token creation on Pump.fun and Solana declines, weekly token graduations have plummeted to a four-week average of around 1,500 tokens as of this writing, according to data from Dune.