In July, Pump.fun's transaction volume sank to just $25 million, a dramatic fall from its early-year high of over $130 million—an 80% decline. Data from DeFiLlama confirms a persistent downward trend: following a sharp dip to $37 million in March, the platform saw a brief rebound in April, but overall, revenues have steadily deteriorated.
Several factors are driving the downturn. Rising competition has chipped away at Pump.fun’s early near-monopoly. A slew of new token launchpads now compete for market share, offering similar services and attracting users away from the original platform.
More broadly, appetite for memecoins is declining. According to CoinMarketCap, total memecoin market capitalization has dropped by roughly 30% since the start of the year—from $93 billion to just $65 billion. The days of viral token launches and easy gains appear to be behind us, at least for now.