According to Dune Analytics, only 1.41% of crypto tokens generated through the Solana on-chain Meme token creation tool pump.fun successfully listed on the Solana protocol Raydium. Adam Cochran, partner at Cinneamhain Ventures, noted that no new coins have "really broken through" the fully diluted valuation (FDV) level of $20 million, indicating that "we are finally starting to wash out the Meme cycle." Notably, several US celebrities, including Caitlyn Jenner, Iggy Azalea, and Jason Derulo, have used the tool to launch and promote crypto tokens since May. According to CoinMarketCap data, the total market capitalization of Meme Coin is currently $44.94 billion, down 2.67% in the past 24 hours, but the trading volume rose 27.29% to $4.48 billion in the same period.