The memecoin platform Pump.fun is experiencing a dramatic decline in both token graduations and revenue following the launch of the Official Trump ($TRUMP) and Melania Meme ($MELANIA) coins in mid-January. The number of tokens graduating from the platform dropped from 24,008 last month to 11,332 this month, with only 68 tokens graduating on a recent day. The daily token launches have also significantly decreased, with only 517 tokens launched this week compared to 2,184 last week. In terms of trading volume, the platform saw a collapse from $3 billion to $145 million as interest waned. Revenue has plummeted by 93% from its peak last month, with daily revenue now just over $1 million. The decline in memecoins issued has been marked, falling from approximately 71,000 per day to around 25,000 since the announcement of the $TRUMP token. Analysts suggest that many retail traders have lost substantial amounts of money as the market for these tokens has cooled significantly.