Short-Term Growth Exposed Long-Term Weaknesses

[bonk]

When creator fees were first introduced, they appeared to work. New creators rushed in, livestreams popped up, and Pump.fun’s bonding curve volumes more than doubled during some of the strongest onchain conditions of 2025.

But the momentum faded quickly. Cohen explained that while serious teams benefited, the average memecoin deployer simply minted more tokens without contributing to deeper liquidity. The result was a surge in supply without enough committed traders to support it.

[cryptobro]

doubling volume sounds nice until you realize it was just more tokens, not better markets