Golden Finance reported that the trading volume of Pump.fun tokens, which has "graduated" since the beginning of the year, has dropped significantly, which not only reflects the cooling of the wider market but also reflects the evolution of trader sentiment. Daily trading volume has plummeted from its peak of $3 billion in January to about $170 million at the time of writing, a drop of 94%, 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 meet the $100,000 market cap threshold and thus qualify for upgrading to Raydium. The shrinking trading volume points to the possible fatigue of traders in the Solana Meme currency ecosystem. After months of fanatical activities, many participants seemed to be tired of the dark side of the field. Factors such as fraud, suspicious Internet celebrity promotion and insider trading groups have led to a general reduction 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.