Interest in meme tokens is waning: Pump.fun loses momentum, segment capitalization melts by $8 billion
The meme token market is experiencing a serious downturn, and the flagship platform for launching them — Pump.fun — has found itself at the epicenter of this crisis. Key protocol metrics, including the number of new issuances and daily revenue, have shown a steady decline since August, signaling a fundamental shift in sentiment among retail traders.
The Statistics Speak for Themselves: Collapse on All Fronts
According to aggregated analytics dashboards, the share of tokens on Pump.fun that successfully completed the bonding curve and launched on decentralized exchanges fell to a record low of 0.16% in June. For comparison, in March, at the peak of the hype, this figure exceeded 2%. This means that 99.84% of launched coins simply fail to find sufficient demand.
The total number of tokens launched daily has dropped by 30% compared to spring peaks. The platform's daily revenue has collapsed from $2 million in January to a meager $800,000. Trading volumes on Pump.fun have also plummeted fourfold — from $400 million to $100 million per day. Naturally, this has dragged down token creator fees, which are at minimal levels.
PUMP in Freefall
The platform's native coin, PUMP, is going through a severe period. Since its launch in September 2025, the asset has lost 80% of its value. The PUMP/USDT chart on Binance shows a prolonged downtrend with no signs of reversal, further confirming the loss of trust in the ecosystem.
Shifting Interest: From Memes to Futures
The negative dynamics of Pump.fun are not an isolated case but a reflection of the overall cooling toward the meme token segment. Over the past 30 days, the total market capitalization of all meme coins has shrunk by nearly $8 billion. Where is this money going?
The answer is obvious: traders are switching to more predictable and liquid instruments, namely perpetual futures. Platforms like Hyperliquid offer the same simple and fast access to trading as Pump.fun, but tied to fundamental assets. A striking example is June 12, the hypothetical day of SpaceX's stock market debut, when trading volume for the SPCX perpetual contract on Hyperliquid reached $1.4 billion. This clearly shows where real interest and liquidity are currently concentrated.
Expert opinion: The decline of Pump.fun is a natural outcome of market oversaturation with low-quality assets. The meme economy is cyclical, and the current "winter" phase could drag on until a new trigger or innovation emerges capable of reigniting retail investor interest. For now, capital prefers more reliable instruments with predictable volatility.