Pumpfun platform's daily new project data exceeds 30,000. Today, 30,204 tokens were launched in a single day, of which only 228 graduated, accounting for 0.75%. This means that the vast majority of projects find it difficult to achieve their expected goals in the early stages. The data reflects the current market situation where projects are of uneven quality—high issuance volume corresponds to a very low success rate, and investors need to remain cautious when participating in early-stage projects. The market screening mechanism still needs improvement.