Pump.fun’s $25M Revenue Crash: What Went Wrong in Its Worst Month Ever?

Pump.fun just face-planted—hard. The meme coin launchpad posted its grimmest numbers to date, with revenue plunging $25 million month-over-month. Was it a crypto winter tremor or self-inflicted wounds?

Behind the bleeding: Three theories rattling DeFi degens

1. The 'Dogwifhat' effect fades: Last quarter's meme coin mania drove record volumes. Now? Traders are chasing the next shiny object—probably some cat-themed token with zero utility.

2. VC vampires strike back: Rival platforms slashed fees and promised 'institutional-grade' tools (read: spreadsheets for crypto bros).

3. The great degen migration: Speculators flocked to newer, shinier gambling dens—because nothing says 'sound investment' like anonymous devs and 500% APYs.

Silver lining? This might just be crypto's version of a 'healthy correction'—or as Wall Street calls it, 'finding greater fools elsewhere.'

Key Takeaways

Pump.fun saw its monthly revenue collapse to $24.96 million in July 2025. With memecoin HYPE cooling, competitors rising, and legal pressure mounting, will Pump.fun win back users and stay relevant?

Launched in January 2024, Pump.fun, Solana’s [SOL] memecoin launchpad, recorded $24.96 million in revenue for July 2025. That’s an 80-82% drop from its January peak of $130-137 million.

If we look closely, revenue steadily declined through the year: $90 million in February, $37 million in March, and $40 million range from April to June before collapsing in July.

That $25 million marks its lowest revenue to date.

Daily figures followed suit. On the 28th of July, revenue hit $293k, the first sub‑$300k day since September, versus $7 million+ daily highs in January.

Meanwhile, volume fell from $348 million to $150 million by early August.

Source: Dune

Overall, the month-over-month momentum behind Pump.fun is clearly fading. Volume, which once peaked at $700 million, has since rolled over, pointing to waning user engagement across the board.

Even Pump [PUMP], the platform’s native token, hasn’t been spared. After launching at $0.006, it’s now trading around $0.003, marking a 50% drawdown within a month, marking a classic post-ICO bleed.

So what’s behind this sharp retrace? Is this just a short-term correction offering a buy-the-dip setup, or are we looking at a broader trend shift in market sentiment?

Pump.fun cedes ground to rivals amid legal scrutiny

The memecoin sector is clearly contracting. Total market cap dropped from $85 billion to $65 billion, while 24-hour trading volume plunged from $17.2 billion to $5.5 billion.

That’s a $20 billion outflow in less than two weeks.

Pump.fun hasn’t been spared, but the pain runs deeper. It’s also losing market share to rivals like LetsBonk, whose dominance in solana token launches surged from 12% to 80%. 

In effect, that crushed Pump.fun’s market share down to just 15%, aligning almost tick-for-tick with its revenue decay. FLOW is clearly rotating hard, and right now, it’s flowing straight into LetsBonk.

Source: Blockworks Research

To make matters worse, Pump.fun is facing legal heat. A class-action lawsuit filed in January 2025 accuses it of allowing “pump-and-dump” schemes through token launches and unregistered tokens.

Taken together, with memecoin hype fading, competitors gaining ground, and legal trouble building, this revenue drop doesn’t seem like a one-off. Pump.fun might have to fight hard to stay in the game.