Online reports have reported that the trading volume of Pump.fun tokens that have "graduated" has dropped significantly since the beginning of the year, reflecting both the cooling of the broader market and the evolution of trader sentiment. Daily trading volume has plummeted from a peak of $3 billion in January to approximately $170 million at the time of writing, a drop of up to 94%. This decline is consistent with a slowdown in platform token graduation rates, which has dropped from 1.85% per week to 0.83%, indicating a decrease in the number of new tokens that have reached the $100,000 market cap threshold and are eligible for upgrade to Raydium. The decline in trading volume points to possible fatigue among traders in the Solana Meme coin ecosystem. After months of feverish activity, many participants seem tired of the dark side of the field. Factors such as scams, promotion of suspicious Internet celebrities and insider trading groups have all led to a general decline in people's trust in Meme coins. Despite the current market downturn, Pump.fun's overall influence remains significant since its launch on January 19, 2024. In just over seven months, the platform has generated $570 million in revenue.