Pump.fun Revenue Dips Below $300K – First Time Since September 2024
Memecoin playground Pump.fun just hit a sobering milestone: daily revenue slumped under $300,000 for the first time in 10 months. The Solana-based launchpad—once a fee-printing machine for degenerate degens—is now flashing warning signs.
What’s draining the fun? Traders might finally be realizing that ‘number go up’ isn’t a sustainable business model. Or maybe the SEC’s recent memecoin crackdown has folks thinking twice before aping into the next dog-themed shitcoin.
Either way, it’s a stark reminder: in crypto, even the most hyped cash grabs eventually face the music. Just ask the NFT bros.
Pump.fun raises $600M in under 12 minutes
The meme coin platform debuted its native PUMP token on July 12, with the ICO offering 125 billion PUMP tokens for grabs. The ICO offering represented only 12.5% of the 1 trillion total supply, and it sold out in under 12 minutes, raising $600 million. The generated sales were split between major exchanges like Bybit, Kraken, KuCoin, and on-chain swaps.
Over 10K wallets joined the ICO, many of which were pre-funded through PumpSwap. The most significant flow of approximately $448 million occurred directly on the Solana network. Early retail FOMO was intensified by the 72-hour disabling of transfers after the token’s launch. Pump.fun’s public sale followed an earlier generation of nearly $700 million through a private sale, bringing the total amount to $1.2 billion in raised capital. Its provisional valuation also surged to $4 billion.
The Pump.fun team quickly deployed the funds through the acquisition of the Solana-based wallet analytics suite, Kolscan. Part of the $60 million generated fee through PumpSwap’s trading volumes within the first 48 hours was used to boost buybacks funded by the Solana platform. The aim was to reduce PUMP’s supply and improve the token’s future price performance.
On-chain data also revealed that orchestrated manipulation collided with retail FOMO, leading to public sale chaos. One whale seeded 500 wallets with $400 each to simulate increased interest and skirt anti-Sybil protections. Similar maneuvers were flagged across Bitcoin Insider and Binance Square. The large holders fragmented their allocations into sub-wallets to take advantage of PUMP’s distribution without raising red flags.
Pump.fun loses market dominance to rival LetsBonk
The platform’s market share plummeted from 88% of Solana meme coin launchpads just a month ago to only 19%, fueling the drop in daily revenue. LetsBonk currently has a market share of over 69%, with its top token hitting a market cap of $14.8 million against Pump.fun’s market of $531K for its best-performing token, INCEL.
Dune Analytics data further showed that LetsBonk’s market share had jumped to 84%, while Pump.fun’s dropped to 12%.
However, Anatoly Yakovenko, Solana’s co-founder, dismissed meme coins as worthless “digital slop” without any intrinsic value. Blockworks data revealed that Pump.fun’s weekly trading volume had dropped to a 15-month low as rumors of an incentive program failed to push PUMP above its ICO price. One DeFi researcher highlighted the disconnect between token price and revenue growth, stating that Pump.fun’s structural challenges remained unaddressed.
The DeFi researcher also pointed out that Pump.fun faced a crucial test of adaptability as the Solana meme coin ecosystem continued to evolve rapidly. According to the researcher, the platform’s ability to retain user trust and innovativeness determined whether it could turn the tables in the hyper-competitive crypto industry.
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