According to Sparsity, on November 10, pump.fun accounted for 92% of Solana meme token launches and 84% of trading volume on meme launch platforms in the past 30 days. The research found that 95% of pump.fun's protocol revenue comes from tokens still on the bonding curve or with market caps below $250,000, with 75% of this revenue derived from tokens launched less than one hour prior.

Among the platform's top 25 deployers, the graduation rate—tokens reaching mainstream exchanges—was below 1%, with these deployers collectively earning $128 million from 761,000 token launches. The analysis also showed that only 312 out of 24.4 million cumulative launches currently have market caps exceeding $100,000, translating to roughly one successful token per 78,000 launches.

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