Solana Ecosystem Highlights: The popularity of MEME coin is waning, and the high valuation of Pump.fun's issue coin has sparked controversy.

Recently, news of Pump.fun issuing tokens has once again attracted market attention. According to reports, the platform plans to raise $1 billion through token sales, with a valuation reaching $4 billion. Although the official confirmation of the specific sale time has not been made, the platform's social media accounts hint that it may go live within two weeks.

However, this highly publicized on-chain "printing machine" is facing a significant decline in market enthusiasm. Data shows that the platform revenue growth of Pump.fun has clearly slowed down, with current daily income maintaining at a level of several million dollars. In terms of trading volume, although it once set a historical record of 3.3 billion dollars in a single week, it has recently struggled to return to its peak, with a clear trend of weakening liquidity.

In terms of the number of tokens created, Pump.fun has cumulatively created over 11.02 million tokens, but the current daily average creation has dropped to around 30,000, reflecting a decrease in user participation enthusiasm. It is worth noting that among the vast number of MEME coins, there are very few projects with a certain market value. Statistics show that only 14 tokens have a market value exceeding 50 million dollars, 259 tokens have a market value between 1 million and 50 million dollars, and the remaining approximately 14,000 tokens are all in the micro-market cap stage.

User-level data is equally worth noting. The platform's activity primarily relies on retaining old users, while the contribution from new users has significantly declined. What is even more concerning is that among the wallets participating in trading, only 3.6% of users achieved substantial profits exceeding $500, while the loss ratio reached as high as 52.5%. This highlights the extreme imbalance in the distribution of platform earnings.

The high valuation issue coin plan of Pump.fun has sparked market controversy. Some analysts believe this may replay the final wave of market frenzy seen during the launch of APE coin. The capital flow on the Solana chain indicates that risk aversion is rising, leading to a collective decline in MEME coins. Some researchers bluntly stated that Pump.fun's current valuation level is "extremely inflated" and questioned the sustainability of its business model and the fragility of its moat.

However, there are also viewpoints that Pump.fun solves the liquidity problem of the Solana ecosystem and is an important innovation on the chain. From a valuation perspective, Pump.fun has generated an annualized revenue of approximately $77.98 million in the past 30 days, and although the corresponding valuation multiple is relatively high, there is still room for growth when market sentiment is positive.

Regarding the airdrop issue that the market is generally concerned about, industry insiders point out that Pump.fun has already completed a cold start through its products and has no motivation to issue an airdrop. As a short-term attention capture tool, airdrops hold little significance for Pump.fun, which already has a stable user base.

Overall, Pump.fun's coin issuance plan has sparked renewed market discussions, but what lies behind it is the fragility of market structural liquidity, a retreat in user participation sentiment, and the enormous bubble of the MEME narrative. In this uncertain market environment, investors need to remain cautious and rationally assess the development prospects of high valuation projects.