The memecoin frenzy that dominated the crypto markets earlier this year is showing clear signs of exhaustion, most notably reflected in plummeting volumes on Solana-based launchpad Pump.fun. After peaking in January with the explosive launch of the Trump Coin, the platform has experienced a rollercoaster ride—culminating in a pronounced slump this summer.
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.
cryptocurrency journalist and market analyst who has accumulated great experience. He shares practicable insight with traders, investors, and enthusiasts of the crypto world. John loves to explore the dynamic Web3 space, which involves blockchain technology or different coins besides decentralized applications (dApps) leading decentralized finance (DeFi), smart contracts or interoperability among blockchains, non-fungible tokens (NFTs), real-world assets (RWAs), and artificial intelligence combining blockchain. John has worked for leading cryptocurrency resources, among them FORECK.INFO, CoinGape, CryptoNews, and Business2Community
