The once-booming memecoin launchpad Pump.fun has seen its worst month of the year, with July revenue plunging to new lows as enthusiasm for memecoin creation continues to fade.
According to DefiLlama, Pump.fun pulled in just $24.96 million in revenue last month — a steep 80% drop from its January high of more than $130 million. The platform’s revenue has been on a steady decline throughout 2025, sliding to $90 million in February and falling further to $37 million by March. Between April and June, the protocol held relatively stable near the $40 million mark before crashing in July.
The downward trend is part of a wider slump in the memecoin market, which saw a brief resurgence in July before losing momentum.
Trading Volume and Market Cap Slide
Memecoins experienced a bullish surge in mid-July, with CoinMarketCap reporting a sector-wide market cap peak of $85 billion and a 24-hour trading volume of $17.22 billion on July 23.
But the rally didn’t last. As of this Monday, the total memecoin market cap had dropped to $65 billion — a 23.5% decline — and daily trading volume had tumbled to $5.59 billion, marking a 67% fall from the July 23 peak.
Solana, the preferred blockchain for memecoin deployments, is also showing signs of slowdown. Solscan data revealed that only 34,040 Solana Program Library (SPL) tokens were minted on Saturday — the lowest daily total in the last three months.
Memecoin Platforms Face Shrinking User Activity
Activity across Solana’s major memecoin platforms reflects this overall downturn.
Pump.fun, which hit a high of 346,000 traders and $348 million in daily volume on July 9, recorded just 129,000 users and $150 million in volume this Monday — representing a 62% and 56% drop respectively, according to Jupiter.
LetsBonk, another popular platform, saw an increase in users to 260,000 — up from 208,000 on July 9 — but still suffered a drop in trading volume, falling to $453 million from $503 million.
As memecoin fever fades, both platforms and their communities are now facing a stark reality: the speculative hype that drove explosive growth may not be sustainable without fresh momentum.
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