Led by FARTCOIN: A Look at the Top Pump.fun Meme Coins

In the Solana ecosystem, Pump.fun is like an unwearied meme coin printing machine. Since its launch in January 2024, it has allowed anyone to create and trade tokens at a cost of 0.02 SOL (about 2 USD) within one minute. This zero-threshold wealth (or dream) creation mechanism has attracted over 11 million tokens to be born here. However, harsh data reveals that only 1.4% of tokens can successfully “graduate” to decentralized exchanges, and those that break the billion-dollar market cap are even rarer.

Top Pump.fun Meme Coins: A Festival for the Few Winners

Despite an extremely low success rate, a few projects have still created an astonishing wealth effect on Pump.fun:

1. Fartcoin (FARTCOIN): Originating from the AI experiment of Truth Terminal, with “fart jokes” as its cultural core, each transaction triggers a unique sound effect. FARTCOIN’s market cap once surpassed 2 billion USD, becoming the most dazzling “wealth creation myth” on Pump.fun. Although the price has fluctuated sharply since then, it currently still ranks first in the ecosystem with a market cap of 1.04 billion USD.
2. Would (WOULD): A social experiment token based on the concept of “choice game,” which determines the flow of funds (such as burning or liquidity injection) through community voting 5. The WOULD token, with its unique choice game concept, reached a market capitalization of 670 million dollars at its highest, currently reporting a market capitalization of 514 million dollars.
3. Peanut the squirrel (PNUT): The surge of PNUT is rooted in a social event: the internet-famous squirrel “Peanut” was seized and euthanized by the New York Department of Environmental Conservation (DEC), quickly sparking public outrage over government overreach. This incident escalated due to Musk’s multiple criticisms on the X platform, with his ongoing attention directly igniting market enthusiasm. PNUT reached a market cap of 1.8 billion dollars in November 2024, and its current market cap is reported at 223 million dollars, a nearly 90% decline from its peak.
4. Moodengsol.com (MOODENG): The Thai internet celebrity hippo Meme, which was personally visited by Ethereum founder Vitalik. MOODENG’s market value briefly reached 610 million USD at the end of 2024, and the current market value is reported to be 150 million USD.

Behind these success stories is the demise of 99% of projects. Dune data shows that among nearly 600,000 active wallets in May, only 0.0045% of users made profits exceeding $100,000, while 52.5% of users incurred losses and exited.

The mechanism behind success: fair launch and liquidity automation

The high valuation project of Pump.fun is not a coincidence; its core mechanism is designed with “limited fairness”:

• No reservation, full circulation: The creators relinquish the right to mint, and all tokens enter the public market, eliminating “rat trading”.
• Joint curve launch: The token price automatically rises with the purchase amount, and early participants may receive high premiums.
• Automatic listing on DEX: After reaching a market value of $69,000, liquidity is automatically deposited into Raydium and LP tokens are burned, locking liquidity to prevent rug pulls.
  This mechanism was once packaged as an “anti-harvesting tool”, but in reality, it became an arbitrage tool for a few savvy players. For example, the token TEST, early buyers hoarded 50% of the supply to inflate the price and then sold off, leading to retail investors being harvested.

The boom fades: Both the platform and the market are cooling down.

In 2025, Pump.fun enters a deep correction in sync with the meme coin market:

• Platform revenue plummets: Daily income drops from a peak of $15 million to several million dollars, with trading volume decreasing by 80%.
• Token issuance shrinks: Daily new coin creation drops from 70,000 to 30,000, and user interest significantly declines.
• Solana Meme coins plummet: Tokens like TRUMP have dropped 85% from their peak, with FARTCOIN, PENGU, and others also experiencing double-digit declines.

Regulatory and litigation risks are rising simultaneously. In January 2025, American investors filed a lawsuit against Pump.fun for losses incurred from investing in PNUT, accusing it of operating as an “unregistered securities exchange.”

Controversy and Future: Is a valuation of 4 billion a bubble or an undervaluation?

In the face of a downturn, Pump.fun plans to raise $1 billion with a valuation of $4 billion to issue platform tokens. The market is sharply divided on this:

• The skeptics believe the valuation is absurd. Researchers point out its lack of a competitive moat, excessive reliance on short-term FOMO, and an FDV/revenue ratio as high as 64, far exceeding mature DeFi projects like PancakeSwap .
• It is regarded by supporters as the “on-chain iPhone”. Community KOLs point out that its price-to-earnings ratio is only 5 times, and it has streamlined the entire process from token issuance to CEX listing, making it a winner in the attention economy.

Conclusion: The Paradox of Survivor’s Game and Ecology

The top project of Pump.fun validates the wealth creation potential of Meme coins, but a 1.4% success rate feels more like a brutal survival game. As market liquidity shrinks and regulations tighten, the platform’s $4 billion token financing plan will become a touchstone—if it can build a sustainable Meme ecosystem, it might truly become the “on-chain iPhone”; if it is just a final round of liquidity harvesting, it could accelerate the bubble’s collapse.

As crypto commentator Bunjil said: “Pump.fun did not destroy meme coins; it just revealed how easy it is to create them.” When everyone can easily mint coins, the scarcity of value will only emerge through a more brutal selection process.