Key Insights
Pump.fun revenue fell to $24.96 million in July, an 80% drop from its January peak.
Memecoin market cap and trading volume also collapsed, losing $20 billion and falling 67% respectively.
Solana-based platforms like Pump.fun and LetsBonk have seen major drops in traders and daily trading activity.
Solana-based memecoin platform Pump.fun has seen a major slowdown. In July alone, it recorded its lowest monthly revenue of the year after earning just $24.96 million. This marks an 80% drop from its high of over $130 million in January, according to DefiLlama.
This decline in revenue shows that the memecoin market may have cooled down after its wild rally earlier in the year.
Pump.fun started the year strong. In January, the platform pulled in more than $130 million in revenue. But the months that followed told a different story.
Revenue dropped to $90 million in February, and then tumbled to $37 million in March. For the next few months, it hovered around $40 million before finally slipping below that level in July.
This steady decline shows that activity on the platform is shrinking. As hype around memecoins fades, so too does the excitement around launching new tokens on Pump.fun.
Pump.fun’s revenue fell steadily throughout the year, ending July at its lowest point | DefiLlama
The drop in Pump.fun revenue is tied to the more general slowdown in the memecoin market. In July, memecoins reached a high of $85 billion in total market cap, with a record $17.22 billion in daily trading volume.
But the rally didn’t last. By early August, the memecoin market cap had fallen to $65 billion in a 23.5% decline. Trading volume suffered an even worse fall, after crashing 67% to $5.59 billion, according to CoinMarketCap.
The ongoing decline in memecoin market cap | CoinMarketCap
Solana, the home to many of the most active memecoin platforms, felt the effects even more strongly, with fewer people trading and fewer tokens being launched.
On August 2, only 34,040 Solana Program Library (SPL) tokens were minted. That’s the lowest daily count recorded in the past three months, according to Solscan.
This shows a clear drop in speculative activity. New projects aren’t popping up as frequently as they were just a few months ago.
This said, the memecoin market seems to be entering a cooling phase after an unsustainable period of growth.
Daily trading activity is also on the decline.
On July 9, Pump.fun saw 346,000 traders and $348 million in trading volume, which was a daily record. However, by August 5, the numbers had dropped to 129,000 traders and $150 million in volume. For context, this is a 62% drop in users and a 56% decline in volume.
Another reason why the memecoin slowdown may be more general than localized, is that LetsBonk, one of Pump.fun’s biggest competitors, is also showing signs of a slowdown.
User activity on Solana memecoin platforms has dropped since July highs | Jupiter
On July 9, LetsBonk recorded 208,000 daily traders and $503 million in volume. As of early August, its trader count had increased by 25% to 260,000, but its volume had dropped to $453 million. This, again, is a 10% decline.
The data indicates that users are still participating, but with smaller trade sizes.
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