Pump.fun is slowing down, and fast.
Key Takeaways
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Pump.fun saw its monthly revenue collapse to $24.96 million in July 2025. With memecoin hype cooling, competitors rising, and legal pressure mounting, will Pump.fun win back users and stay relevant?
Launched in January 2024, Pump.fun, Solana’s [SOL] memecoin launchpad, recorded $24.96 million in revenue for July 2025. That’s an 80-82% drop from its January peak of $130-137 million.
If we look closely, revenue steadily declined through the year: $90 million in February, $37 million in March, and $40 million range from April to June before collapsing in July.
That $25 million marks its lowest revenue to date.
Daily figures followed suit. On the 28th of July, revenue hit $293k, the first sub‑$300k day since September, versus $7 million+ daily highs in January.
Meanwhile, volume fell from $348 million to $150 million by early August.
Source: Dune
Overall, the month-over-month momentum behind Pump.fun is clearly fading. Volume, which once peaked at $700 million, has since rolled over, pointing to waning user engagement across the board.
Even Pump [PUMP], the platform’s native token, hasn’t been spared. After launching at $0.006, it’s now trading around $0.003, marking a 50% drawdown within a month, marking a classic post-ICO bleed.
So what’s behind this sharp retrace? Is this just a short-term correction offering a buy-the-dip setup, or are we looking at a broader trend shift in market sentiment?
Pump.fun cedes ground to rivals amid legal scrutiny
The memecoin sector is clearly contracting. Total market cap dropped from $85 billion to $65 billion, while 24-hour trading volume plunged from $17.2 billion to $5.5 billion.
That’s a $20 billion outflow in less than two weeks.
Pump.fun hasn’t been spared, but the pain runs deeper. It’s also losing market share to rivals like LetsBonk, whose dominance in Solana token launches surged from 12% to 80%.
In effect, that crushed Pump.fun’s market share down to just 15%, aligning almost tick-for-tick with its revenue decay. Flow is clearly rotating hard, and right now, it’s flowing straight into LetsBonk.
Source: Blockworks Research
To make matters worse, Pump.fun is facing legal heat. A class-action lawsuit filed in January 2025 accuses it of allowing “pump-and-dump” schemes through token launches and unregistered tokens.
Taken together, with memecoin hype fading, competitors gaining ground, and legal trouble building, this revenue drop doesn’t seem like a one-off. Pump.fun might have to fight hard to stay in the game.
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