PANews reported on March 5 that according to Cointelegraph, Dune Analytics data showed that Pump.fun's trading volume dropped 63% from $119 billion in January 2025 to $44 billion in February, with trading activity of $2.1 billion in the past four days. Amid a series of scandals, Meme coins have faced increasing scrutiny and trading volumes have declined.

Additionally, the number of new token listings on Pump.fun is also declining. After reaching a high of nearly 1,200 tokens per day on January 24, the number fell to less than 300 per day in early March. While Pump.fun’s February volume was the lowest since October 2024, it was still the fourth highest since the company launched in January 2024.