The Decline of Pump.fun Signals the Fall of Memecoin Market
Pump.fun’s revenue dropped to $24.96 million in July 2025, an 80% decrease from January, confirming the prolonged decline of the memecoin market.
The global memecoin market lost 23.5% of its capitalization and 67% of trading volume within two weeks, indicating a sudden exhaustion of the trend.
A Brutal Crash for the King of Launchpads Solana
July 2025 marks a turning point for Pump.fun. The famous memecoin launchpad on Solana reported a monthly revenue of only $24.96 million, its lowest of the year, a staggering 80% drop from its peak in January when it generated over $130 million.
Behind these figures lies a general fatigue in the memecoin market. After a declining first quarter with $90 million in February and $37 million in March, Pump.fun’s revenue stagnated around $40 million for three months. July confirms the trend: the euphoria has faded.
A Passing Fever Fading Faster Than Expected
Just a few weeks ago, the atmosphere was once again euphoric. On July 23, the memecoin market hit a peak of $85 billion in capitalization, with over $17.2 billion traded in 24 hours. Some even saw it as the start of a new cycle or supercycle.
But the upturn was short-lived. Two weeks later, the global market dropped to $65 billion, a 23.5% decrease. Daily trading volume plummeted by 67% to $5.59 billion. A sharp reversal that cooled even the most ardent believers.
Solana Slows Down: Fewer Tokens, Fewer Traders
Solana, the primary engine behind this frenzy, also shows signs of fatigue. On August 3, only 34,040 SPL tokens were created on the blockchain, a record low for three months, according to Solscan. The minting pace slows, the ideas for shitcoins dry up, or the appetite of traders dull: probably a bit of all three.
On the trading side, the decline is just as sharp. On July 9, Pump.fun recorded a high with 346,000 active traders and $348 million in volume. This Monday, the numbers look quite different: 129,000 traders with $150 million in volume, according to Jupiter. That’s a 62% drop in traders and 56% in trading volume.
LetsBonk Manages (Slightly) Better, But Still Impacted
The competing platform LetsBonk shows mixed results. While the number of traders rises to 260,000 (a 25% increase), the volume drops to $453 million, 10% less than in July. A more stable performance, but far from the recent explosion.
The memecoin sector seems to have reached its limits, at least temporarily. The summer of 2025 could mark the end of a frantic cycle… or just a pause before the next frenzy. One thing is certain: for Pump.fun and others, the era of wild numbers is (for now) behind us.
