July was perhaps Pump.fun's darkest moment of the year, reflected not only in the widespread negative publicity and the subsequent price drop of its tokens, but also in multiple data points. According to Dune data , fewer than 10,000 tokens were created daily on the Pump.fun platform in July, and the weekly token graduation rate plummeted to a new low of 0.58%. Pump.fun's revenue also declined, reaching a new low of $251,788 on August 2nd , its lowest daily revenue since May 2024. The price of PUMP also hit a low of $0.0022 at the end of July, halving its $4 billion valuation to $2 billion in just one month. LetsBonk quickly gained ground in the competition, surpassing Pump.fun in terms of platform user activity and token trading volume in July to become the number one meme issuance platform.
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The US Federal Reserve's Payments Innovation Summit will take place on October 21, focusing on stablecoins, decentralized finance (DeFi), artificial intelligence (AI), and Tokenize. The event brought together policymakers, financial institutions and technology leaders, reflecting the Fed's growing interest in digital assets and next-generation payment systems.
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As per CoinGlass data, bearish traders suffered more as they were stunned by the price shift. Short position traders saw $700,590 as the price of the meme coin rose steadily following a shift in broader market dynamics. As of this writing, Dogecoin is changing hands at $0.2359, representing an 11.34% increase in the last 24 hours. DOGE soared to an intraday peak of $0.2417 before experiencing a slight decline.
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