Trading on Pump.fun, Solana’s main memecoin launchpad, has become a sprint rather than a marathon. A new Bitquery study found that 79% of Pump.fun tokens never traded again after their launch day. In practice, that means most tokens see a brief burst of activity, then fade out. Half saw their last trade within about 3 minutes of the first. Of the 11.5 million new Solana tokens Bitquery tracked, Pump.fun accounted for nearly 78%. But sustained activity was rare: only one in 58 launches graduated into a full trading pool. By week 5, just 1.5% of Pump.fun tokens recorded any trade at all, and only 0.2% managed 10 or more trades. So while the platform dominated new launches by volume, most listings lost activity almost immediately. For traders, that means attention was heavily concentrated in the first minutes and hours, with participation dropping off fast soon after launch. Rather than pointing to durable follow-through, the data shows how quickly trading interest disappeared across most Pump.fun tokens.
Pump.fun’s day-one drop-off is the tell for how much speculative demand is really left in this cycle.