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The Pump.fun token decline intensified on Friday as the Solana-based launchpad’s flagship asset fell 9.2% in 24 hours, setting off a broader pullback across the meme coin market. The token, now trading at $0.007213, remains up 142% over the past month but sits 11.5% below its all-time high of $0.008819 reached on September 14, according to Crypto data.
Despite recent momentum, investor sentiment shifted quickly. Prediction market Myriad, operated by Decrypt’s parent company DASTAN, showed traders flipping overnight. On Thursday, users placed a 54% probability that Pump.fun’s market cap would climb to $4 billion before dropping to $2 billion. By Friday morning, confidence had reversed, with a 66% probability assigned to the lower outcome.
“The reversal illustrates how fragile meme coin narratives can be,” — Maya Tran, analyst at Kaiko Research, in a market note. “The Pump.fun token decline has amplified doubts over whether the sector can sustain valuations built primarily on hype and community energy.”
The Pump.fun token decline was mirrored across its ecosystem. Pump.fun’s overall market cap slipped 6% to $3.85 billion, with double-digit losses recorded for TROLL (down 10%) and Aura (down 12%). Smaller but notable dips were observed in Fartcoin, PNUT, and Moo Deng.
The weakness spread to more established meme coins. Dogecoin fell 3.6%, Pudgy Penguins’ PUDGY dropped 5.1%, while PEPE and BONK each saw declines. Newer entrants such as CHILLGUY and HarryPotterObamaSonic10Inu (ETH) slid 7.6% and 6.4% respectively.
Collectively, the meme coin market lost 4.8% of its value in 24 hours, shrinking to $87.2 billion. By contrast, Bitcoin and Ethereum registered relatively mild moves, down 0.8% and 1.3% respectively. Analysts noted that the Pump.fun token decline highlighted the divergence between speculative meme assets and more established cryptocurrencies.
“Bitcoin and Ethereum continue to show resilience despite macro pressures, while meme tokens remain far more volatile,” — Ryan Lee, Chief Analyst, Bitget Exchange, in a statement. “The Pump.fun token decline underscores the risks of chasing short-term gains in this segment.”
While meme assets cooled, several altcoins rallied, supported by optimism surrounding the U.S. Securities and Exchange Commission’s decision to approve generic listing standards for crypto exchange-traded products.
Gaming-linked tokens also showed resilience. Immutable’s IMX surged 17% on Thursday and is up 47% over the past week, driven by industry partnerships with Ubisoft and NetMarble and boosted by the Federal Reserve’s recent interest rate cut.
“The contrast between the Pump.fun token decline and IMX’s rally shows investors are increasingly differentiating between speculative hype and projects with real partnerships,” — Priya Desai, Managing Director, Digital Asset Strategies, at a fintech conference in Singapore.
Meanwhile, the launch of the first ETF with spot exposure to Dogecoin provided a bright spot. Its rollout exceeded expectations, with nearly $6 million in trading volume in the first hour.
“That’s shockingly solid. Most ETFs trade under $1 million on day one,” — Eric Balchunas, Senior ETF Analyst, Bloomberg, via Twitter.
For investors, the Pump.fun token decline raises questions about sustainability. Daily active users on Pump.fun’s mobile app have surged 450% over the past three months, according to company figures. Yet, analysts warn that user growth alone may not offset the risks of rapid speculative inflows.
The project’s $3.85 billion market cap remains significant, but its future may hinge on whether Pump.fun can convert user activity into long-term ecosystem value. Until then, the Pump.fun token decline serves as a reminder of meme coins’ volatility in contrast to the relative stability of Bitcoin, Ethereum, and selected altcoins.
Looking forward, much will depend on how Pump.fun adapts to increased scrutiny from both regulators and the broader investor community. If the platform can demonstrate sustainable tokenomics and expand beyond meme-driven hype, it could strengthen investor confidence. Otherwise, the Pump.fun token decline may mark the start of a longer cooling period for one of Solana’s most-watched meme ecosystems.
