• pump.fun revenue has shrunk at least threefold over six months.
• Activity on the platform also fell by 80%, against which the Solana network too lost revenue.
• The community believes that "memecoins are dead."

The memecoin launch platform pump.fun has lost most of its activity in recent months, which has affected not only its own metrics but also the revenue of the Solana network. According to Blockworks, since the start of 2026 pump.fun's daily revenue has dropped more than 70% — from $1.54 million in January to $457,822 as of June 7.

In addition, according to The Block, the average graduation rate of tokens to the open market has fallen by 80%.

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pump.fun revenue and activity have noticeably declined

The seven-day average share of tokens that successfully pass the "graduation" stage on pump.fun fell last week to 0.26%. That is 80% lower compared with the figure of three months ago.

At the same time, individual ecosystem products still bring in significant funds. As of June 15, total daily revenue was just over $1 million:

• pump.fun — $659,129;
• PumpSwap — $262,863;
• Terminal — $88,006.

According to Blockworks, the total cumulative revenue of all pump products reached $1.27 billion. In addition, the project has already bought back PUMP tokens worth more than $1 billion.

Despite this, the market assesses the project's prospects negatively. The PUMP token has lost about 40% of its value over the last six months. At the time of writing, the asset is trading near $0.0015 with a market capitalization of about $522 million.

pump.fun's problems affected Solana

Since pump.fun was for a long time one of the main drivers of activity on the Solana network, the drop in the platform's metrics affected the blockchain itself.

According to The Block, in June the Solana network is generating about 5,300 SOL in fees per day. For comparison, in January this figure reached 33,000 SOL per day.

Analysts also believe that a significant portion of the capital previously used to trade memecoins in the Solana ecosystem has moved to the perpetual contracts market on platforms such as Hyperliquid.

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At the same time, pump.fun remains one of the largest applications in the Solana ecosystem. According to Token Terminal, the protocol's daily audience is about 87,700 active users, which lets it rank sixth among decentralized exchanges and trading platforms by this metric.

Market participants speak of the end of the memecoin era

The decline in activity on pump.fun has already become a subject of active discussion among representatives of the crypto industry.

Moonrock Capital founder Simon Dedic said:

"This is exactly what I was waiting for: Collector overtook PumpFun in daily revenue and became the No. 1 business by revenue generation on the Solana network. Memecoins are dead, long live digital collectibles."

A Sui and Aptos ecosystem developer under the pseudonym leetoshi also assessed the platform's current state critically:

"The 'trenches' trading on pump.fun is truly dead and filled with AI bots and even dumber copy traders chasing FOMO."

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A similar opinion is held by community member Min PomeVN:

"Strong cash flow is necessary for sustainability, but right now PumpFun is mostly associated with rug pulls and fraud, so very few people continue to use the platform."

In his view, an additional sign of weakness was the fall of the SOL price from its all-time high near $295 to much lower levels, which may indicate an outflow of capital from the ecosystem.

Attempts to relaunch the ecosystem did not change the trend

The deterioration in metrics is happening despite a number of initiatives by the pump.fun team during 2026 aimed at diversifying the business and retaining users.

In January the platform announced the launch of the investment division Pump Fund. The new structure's first initiative was the Build in Public hackathon with a $3 million prize fund. The company stated that it seeks to support developers and new products within the Solana ecosystem.

In February pump.fun changed its reward model, introducing cashback for traders. The platform began returning part of the fees to users instead of distributing funds among token creators. The decision was a response to criticism of high losses among traders and declining activity in the memecoin market.

The platform's problems became even more noticeable after the publication of statistics for March. According to an analysis of Dune Analytics data, about 50.6% of wallets that traded tokens on pump.fun incurred losses. At the same time, 45.6% of users made a profit of less than $500, and almost 96% of traders earned no more than that amount.

In April the platform's team announced the burning of all previously bought-back PUMP tokens worth about $370 million. As a result, the asset's circulating supply shrank by 36%. The project also extended its token buyback and burn program for another year, planning to continue directing part of the profit toward supporting the asset's price.

Source: Incrypted