Recent data reveals a sharp decline in token creation and active addresses on meme coin platforms like Pump.fun and LetsBonk, with overall activity dropping 70% from previous highs.
Dune data from September 23, 2025, shows a significant decrease in meme coin market activity across BNB Chain platforms, with Pump.fun and LetsBonk seeing drops in token issuance and active addresses. Pump.fun recorded 64 graduates and 62,641 active addresses, while LetsBonk had 9 graduates and 8,790 active addresses. Other platforms had negligible activity, with zero graduates and fewer than 400 active addresses. The current activity is about 70% below Pump.fun’s November 2024 peak of 45,465 tokens issued in a single day.