pumpfun is dying.


daily graduated tokens has dropped to its lowest level, close to the levels seen in july 2025.
the difference is that in july 2025, there weren't as many tokens being created (around 3.6K daily token launches vs. 37K today).
what's concerning now is that the number of daily token deployments has remained high, while the number of graduated tokens keeps trending toward new lows.
this clearly shows that liquidity is leaving the space.
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