Pump.fun—a once-dominant Solana-based memecoin launchpad—recently recorded its lowest daily revenue since September 2024, dipping to approximately $293,000 on July 28, according to DeFiLlama analytics. This marks a steep 92% revenue decline from its January peak, where it generated over $7 million per day.
🔍 Key Highlights
- Revenue Collapse: The platform’s daily takings fell under $300K for the first time in nearly a year, a stark contrast to highs exceeding $7M in January and early revenue dips of $263–$281K observed in September 2024.
- Market Share Bleed: Pump.fun’s share of Solana-based memecoin launches plummeted from 88% down to just 12–19%, as emerging rivals like LetsBonk captured up to 69–75% of the market.
- Platform Shift: Daily revenue dropped below $200K around July 27, reflecting a broader exodus of users toward competitors offering better incentives and higher token launch success rates
⚠️ Underlying Dynamics
- Fading Memecoin Mania: The broader memecoin craze has cooled, dampening investor enthusiasm and reducing activity across Pump.fun’s native ecosystem.
- Competitor Momentum: LetsBonk—a newer launch platform on Solana—quickly outpaced Pump.fun, offering aggressive token-launch mechanisms and attracting a majority of new projects.
- Token Pressure: Pump.fun’s native token, PUMP, has lost roughly 50–60% of its value in recent weeks, eroding buy-in incentives and signaling investor doubt.
🧭 What Comes Next
Pump.fun is reportedly considering an incentive program via its SDK—potentially distributing significant PUMP tokens based on user volume—to rebuild liquidity and engagement. However, analysts question its feasibility given the dramatic drop in token value and dwindling market share.
At the same time, the platform is grappling with legal troubles, including an ongoing class-action lawsuit alleging fraudulent activities and mismanagement during token launches.
