Pump.fun has achieved over $1 billion in fees within two years, establishing itself as a leading revenue generator on the Solana blockchain. Despite this success, the PUMP token has plummeted approximately 80% from its peak and 60% from its initial coin offering (ICO) price. The decline is attributed to a bearish market trend, excessive token supply, and limited utility, which have dampened investor confidence. Additionally, the founder's prolonged absence from social media has exacerbated market concerns, with the fear and greed index indicating persistent anxiety.