TLDR
- Pump.fun’s July revenue fell to $24.96 million, down 80% from January’s $130 million peak
- The broader memecoin market cap dropped 23.5% from July’s high of $85 billion to $65 billion
- Memecoin 24-hour trading volume collapsed 67% from July’s peak of $17.22 billion to $5.59 billion
- New Solana token creation hit a three-month low with only 34,040 SPL tokens minted on August 2
- Pump.fun saw 62% fewer daily traders and 56% less trading volume compared to early July
The Solana-based memecoin launchpad Pump.fun has recorded its lowest monthly revenue for 2025, marking a clear downtrend in the once-booming memecoin sector. According to data from DeFiLlama, the platform generated just $24.96 million in July, representing an 80% decline from its January peak of over $130 million.
This steep revenue drop follows months of steady decline. Pump.fun saw its earnings fall to $90 million in February before plunging to $37 million in March. Revenue then hovered around $40 million for the next three months before hitting July’s new low.
The downward trend reflects broader cooling across the memecoin market, which had briefly surged earlier in the summer. After reaching what seemed to be a promising peak, interest has quickly faded.
Memecoin Market Shows Signs of Exhaustion
The overall memecoin sector had shown strong performance in July, with analysts noting a bullish flip in market sentiment. CoinMarketCap data revealed that memecoins reached a high of $85 billion in market capitalization on July 23, alongside $17.22 billion in 24-hour trading volume.
However, this rally proved unsustainable. By August 5, the total memecoin market valuation had dropped to $65 billion, marking a 23.5% decrease from its July peak.
More concerning is the collapse in trading activity. The 24-hour trading volume fell to $5.59 billion, representing a massive 67% drop from the July 23 record.
The Solana blockchain, which hosts many of the top memecoin launchpads including Pump.fun, has also seen decreasing activity in token creation. Data from Solscan showed that on August 2, only about 34,040 Solana Program Library (SPL) tokens were minted – the lowest daily count recorded in the last three months.
Trading Activity Wanes Across Platforms
Major Solana memecoin platforms have experienced sharp declines in user engagement and transaction volumes. On July 9, Pump.fun reached a daily high of 346,000 traders and $348 million in volume.
By August 5, those numbers had fallen to 129,000 traders and $150 million in volume, representing drops of 62% and 56% respectively, according to data from decentralized exchange aggregator Jupiter.
Pump.fun’s competitor, LetsBonk, showed mixed results. While it recorded an increase to 260,000 daily traders (up 25% from its July 9 figure), its daily trading volume decreased to $453 million, down nearly 10% from early July.
The smaller average trade sizes on LetsBonk may indicate more speculative activity rather than substantial investment, as traders appear to be placing smaller bets in the cooling market.
The memecoin sector’s performance mirrors patterns seen in previous crypto market cycles, where initial enthusiasm gives way to market fatigue. The rapid creation of new tokens in the first half of 2025 appears to have reached a saturation point.
Solana-based memecoin platforms are now entering what appears to be a consolidation phase after months of explosive but ultimately unsustainable growth. The July revenue figures for Pump.fun may indicate that the memecoin creation boom of early 2025 is reaching its natural conclusion.
