Solana News: Pump.fun Experiences Notable Declines Following LIBRA Token Controversy

The Solana-based token launchpad Pump.fun has seen significant decreases in weekly values for new users, token launches, and fees collected following the controversy surrounding the LIBRA token.

Pump.fun Sees Significant Declines After LIBRA Incident

Following the controversy surrounding the LIBRA token, Pump.fun, a Solana-based token launchpad, has experienced notable decreases in weekly values for new users, token launches, and fees collected. Data from Dune Analytics user evelyn233 reveals that the number of new users onboarded fell by 16.4% to 601,516 from 719,524 between February 7th and 13th. This marks the first time since late November that the daily average of new users within a week dropped below 100,000. Additionally, the number of tokens deployed weekly has decreased by 26.3%, from 344,607 to 253,955. Despite this decline, Pump.fun has still managed to deploy close to 8 million tokens in the past 13 months as of February 21st. However, the launchpad's fees have also seen a slump due to the reduced number of tokens deployed, with 124,623 SOL collected in fees between February 7th and 13th, representing a significant decrease.

Solana Meme Coins Suffer Major Wipeout

Solana meme coins have experienced a significant reversal this year, costing retail investors billions of dollars. Most Solana (SOL) meme coins have crashed by double digits, with the total market cap tumbling from over $25 billion in January to $10 billion according to CoinGecko. Notable examples include Official Trump (TRUMP), which has crashed from $103 to $16, Pudgy Penguins (PENGU) whose market cap has dropped from $3.2 billion to $554 million, and Melania (MELANIA) which has fallen from $1.9 billion to $143 million.

Franklin Templeton Enters Solana ETF Race

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