What's Driving Token Prices? February 25, 2026

PUMP (-4.8%) - Memecoin launchpad Pump.fun introduced a new feature last week called “Cashback Coins.” This is a new setting configurable at launch that directs Creator Fees to the individuals trading the token. The logic behind this move is that most memecoins do not have teams behind them that need the money for expenses and other overhead, because these are just memes. This new Cashback Coins model allows for more favorable incentives for traders who have been disadvantaged in the past, compared to creators. Pump.fun has been attempting to revamp its model over the past few months in order to establish fairer incentives on its platform. The project currently earns approximately $523M per year in revenue (annualized using the last 30 days of data).
EUL (+13%) - DeFi app Euler launched support for all assets tokenized by Securitize last week. Specifically, what this means is that tokenized funds created through Securitize’s DS Protocol are eligible to be used as lending collateral in Euler’s DeFi vaults. The move creates more composability between existing DeFi infrastructure and the growing tokenized asset market. Assets that are now available for use on Euler include VBILL (VanEck’s Treasury fund), STAC (AAA CLO Tokenized Fund), SCOPE (Hamilton Lane Senior Credit Opportunities Fund), and many others. Euler has been one of the hardest-hit lending platforms, seeing 25% of its loan book decline since the beginning of the year.
COIN (+13.7%) - Coinbase, the largest American-based crypto exchange, rolled out its stock trading feature to all US users yesterday. The feature had previously been available as a limited release to some users beginning in December. As part of the launch, Coinbase also partnered with Yahoo Finance to add a “Trade [asset] on Coinbase” button on all stock and crypto pages. In the future, Coinbase also plans to offer tokenized stock trading, along with expanding its perpetual futures stock products. The firm saw a major miss in its Q4 2025 earnings, experiencing a $667M loss after making a profit in Q3.

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