According to Milk Road, Pumpdotfun has been issued a cease and desist order by Burwick Law, mandating the removal of over 200 intellectual property-infringing memecoins. This legal action could impact the trading volume and market perception of these memecoins, potentially leading to a sell-off or liquidity issues as traders react to the removal of these assets. The enforcement highlights the importance of compliance with IP laws in the cryptocurrency market.