FARTCOIN leads the way, reviewing those top Meme coins on Pump.fun

In the Solana ecosystem, Pump.fun is like an tireless 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 (approximately 2 USD) within one minute. This zero-threshold wealth (or dream) creation mechanism has attracted over 11 million tokens to be born here. However, the harsh data reveals that only 1.4% of tokens can successfully “graduate” to decentralized exchanges, and those that break the billion market cap are even rarer.

##Top Pump.fun Meme Coins: A Carnival for the Few Winners Despite the 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, it has “fart jokes” as its cultural core, with each transaction triggering a unique sound effect. FARTCOIN’s market value once surpassed 2 billion USD, becoming the most dazzling “wealth creation myth” of Pump.fun. Despite subsequent price fluctuations, it currently holds the top position in the ecosystem with a market value of 1.04 billion USD.
2. Would (WOULD): A social experiment token based on the concept of “choice games,” where the flow of funds (such as burning or liquidity injection) is decided by community voting. The WOULD token, with its unique choice game concept, reached a market cap of 670 million dollars at its peak, and the current market cap is reported at 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 provoking public outrage over government overreach. This incident escalated due to Musk’s repeated criticisms on the X platform, and his ongoing attention directly ignited market enthusiasm. PNUT reached a market cap of 1.8 billion dollars at its peak in November 2024, and the current market cap is reported to be 223 million dollars, down nearly 90% from its high.
4. Moodengsol.com (MOODENG): Thailand’s internet celebrity hippo Meme, which was personally visited by Ethereum founder Vitalik. MOODENG’s market capitalization once reached 610 million USD at the end of 2024, and the current market capitalization 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 of Pump.fun’s project is not accidental; its core mechanism is designed with “limited fairness:”

• No reserve, full circulation: The creator gives up minting rights, and all tokens enter the public market, eliminating “rat trading”.
• Joint Curve Launch: Token prices automatically increase with the purchase amount, early participants may receive high premiums.
• Automatic listing on DEX: After reaching a market value of 69,000 USD, liquidity is automatically deposited into Raydium and LP tokens are burned, locking liquidity to prevent Rug Pull. This mechanism was once packaged as an “anti-harvesting tool,” but it actually became an arbitrage tool for a few savvy players. For example, the token TEST, early buyers hoarded 50% of the supply to drive up the price before selling, resulting in retail investors getting harvested.

The Hype Fades: A Dual Chill in Platforms and Markets

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

• Platform revenue sharply declined: daily revenue plummeted from a peak of 15 million USD to several million USD, with trading volume down by 80%.
• Token issuance shrinks: The daily creation of new coins has dropped from 70,000 to 30,000, indicating a significant decline in user interest.
• Solana Meme coins fall broadly: TRUMP token plummets 85% from its peak, and FARTCOIN, PENGU, etc. all show double-digit declines.

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

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

Faced with a downturn, Pump.fun plans to raise $1 billion in funding at 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 moat, excessive reliance on short-term FOMO, and an FDV/revenue ratio as high as 64, far exceeding that of mature DeFi projects like PancakeSwap.
• It is regarded 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

Pump.fun’s flagship project confirms the wealth-generating 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 serve as a litmus test—if it can build a sustainable Meme ecosystem, it might truly become the “on-chain iPhone”; if it’s just the last round of liquidity harvesting, it could accelerate the collapse of the bubble.

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

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