Based on the analysis of all "graduation" tokens on @ pumpdotfun in the past six months, the conclusion is drawn:@ The trend of pumpdotfun has also come to an end. The total number of "graduation" tokens on @ pumpdotfun in the past six months is 87170, including: Tokens with a market value exceeding $100 million: 4 (accounting for 0.005%), namely Fartcoin arc、ACT、pnut 40 tokens with a market value exceeding $10 million (accounting for 0.05%) 250 tokens with a market value exceeding $1 million (accounting for 0.3%) Tokens with a market value below $100000: 79000, accounting for a very high proportion, considered a 'complete collapse' Over the past six months, the distribution of tokens in different market value ranges has been listed. The data shows that the vast majority of tokens (79000) ultimately have a market value below $100000, completely collapsing. Top tier token performance and shortened crash cycle: Among the top 13 tokens, all tokens were launched in 2024. In the past two months@ The best performing new tokens on pumpdotfun are stocks and vine, both with a market value of $33 million. However, the "collapse" lifecycle has become extremely short-lived, with fewer and fewer market participants, and almost no one willing to continue participating. The impact of capital loss and SOL: Over the past six months, billions of dollars have been withdrawn from the market. However, due to platform design, the funds buried in the Raydium pool far exceed the amount withdrawn by @ pumpdotfun itself, which is actually beneficial for the SOL ecosystem. The specific data is as follows: PF binding rent: 6 SOL per binding Average funds buried in a crash pool: 16.5 SOL/pool Total amount of funds buried within six months: over 1.7 million SOL (approximately $350 million based on 200/SOL) Market Status and Future Prospects: The worst period seems to have passed@ The trend of pumpdotfun has also come to an end. However, this large-scale capital outflow has caused a widespread impact on the liquidity of the entire alternative currency market, and it will take time to repair and recover. Hopefully, the macro economy will not be held back again. The current indiscriminate selling behavior has created potential opportunities for investors who can patiently wait.