Meme coin launchpad Pump.fun is facing tough times as its revenue has plummeted roughly 92% from its all-time high, highlighting the platform’s waning influence in the crypto market.
Fresh on-chain data reveals that fees collected by the popular meme coin platform have been steadily dropping over the past several days, signaling a sharp downturn in business compared to the strong start it enjoyed earlier this year.
According to figures from DeFi Llama, Pump.fun pulled in just \$533,410 in revenue on July 6, with fees totaling under \$922,890 for the day. It’s the first time since March 2025 that the platform’s daily fees have dipped below the \$1 million mark.
That’s a far cry from the platform’s heyday back on January 23, when both revenue and protocol fees hit an impressive \$7.07 million each. Since then, revenue has cratered by 92%, and fees have fallen by 86%.
The downturn marks a major setback for the platform that helped ignite the Solana-based meme coin frenzy earlier this year. Although fees briefly bounced back in late March to \$6.6 million, revenue failed to recover beyond \$2.05 million.
When looking at the monthly picture, the contrast is even starker. Pump.fun reached its peak in January, bringing in \$137.12 million in combined revenue and fees. But by the end of June, fees had dropped more than 60% to \$64.47 million, while monthly revenue slid to just \$39.08 million—less than a third of its record high.
Adding to the platform’s troubles, trading volumes fell sharply earlier this year. In February alone, volumes dropped by 63% as more celebrities launched meme coins, leading in several cases to high-profile scams that rattled investor confidence.
Data from Dune Analytics paints a sobering picture for traders on Pump.fun. Fewer than 0.01% of wallet addresses using the platform have managed to turn a profit of \$1 million or more in the past six months. Meanwhile, nearly 60% of meme coin traders have taken losses, fueling growing skepticism about whether Pump.fun’s best days are behind it.
