Pump.fun, a platform that allows users to launch tokens in seconds, has experienced a sharp decline in revenue after riding high on the explosive popularity of Solana-based memecoins. On-chain data shows that since its April peak, the platform’s daily revenue has dropped by almost 90%, which is indicative of a general slowdown in the memecoin craze that once enthralled both speculators and retail traders.
From exuberance to a hangover. Fun has emerged as the preferred launchpad for Solana memecoins, enabling token creators to spin up tokens with as little as 0.01 SOL. It was earning more than $1.6 million every day in April 2025, when the craze was at its height. However, by the end of July, that amount had drastically sunk to just $170,000 per day.
The drop occurs as the excitement surrounding quick-flip tokens wanes and regulatory and analyst scrutiny grows. Pump.fun was criticized for facilitating what some referred to as a “slot machine economy” on the blockchain because many of the projects that were launched on the platform lacked whitepapers, teams, and usefulness.
Nevertheless, the platform defended its approach by pointing to the “freedom to experiment” and the part memecoins play in introducing new users to the world of cryptocurrency.
What Will Happen to Solana’s Wild West Next?
Pump.fun continues to play a vital role in the Solana ecosystem, which has emerged as the preferred chain for quick and inexpensive memecoin deployment, even with the decline in revenue. Despite efforts by platforms such as Degen Royale and Banana Gun to leverage the memecoin momentum, none have been able to replicate Pump.fun’s initial cultural impact.
Even though the memecoin market is currently cooling off, Pump.fun’s rise and fall highlight a key point: in the cryptocurrency space, volume and virality are more important than fundamentals.
Also read: Bitcoin and Altcoins Fall: $600M in Bullish Bets Liquidated as Bitcoin Slips to $115K
