The meme token bubble is deflating: Pump.fun loses momentum, traders shift to futures
The Pump.fun platform, long considered the main "meme token factory," is showing a sharp cooldown. The protocol's key metrics—the number of new coin launches and revenue—have been steadily declining since August, pointing to a systemic crisis in the segment.
According to data from the Dune analytics dashboard, the share of tokens that successfully completed the bonding curve and reached decentralized exchanges fell to a catastrophic 0.16% in June. For comparison, at its peak in March, this figure exceeded 2%. This means that the vast majority of new projects on Pump.fun die without ever gaining liquidity.
The total number of daily launched coins has decreased by 30% compared to spring highs. The platform's daily revenue has collapsed to $800,000, down from $2 million in January. Trading volumes have also slumped: from $400 million at the start of the year to $100 million today. As a result, fees earned by token creators have also dropped sharply.
The platform's native coin, PUMP, is in a difficult position. The asset has lost 80% of its all-time high, reached almost immediately after its launch in September 2025. The current price dynamics confirm that investors are losing faith in the Pump.fun model.
My analysis shows that the negative dynamics of Pump.fun are just the tip of the iceberg. The overall decline in interest in meme tokens is also confirmed by macro trends: over the last 30 days, the total market capitalization of the entire meme coin segment has shrunk by nearly $8 billion. The market is clearly oversaturated with an endless stream of tokens lacking fundamental value.
So where are traders going? Everything points to a shift of capital towards perpetual futures. Platforms like Hyperliquid offer the same easy access as Pump.fun, but to more predictable and liquid assets. A striking example: on June 12, the day SpaceX went public, trading volume for the corresponding perpetual contract (SPCX) on Hyperliquid reached $1.4 billion. This clearly demonstrates where "smart money" is currently located.
My expert opinion: Pump.fun has fallen victim to its own success. Too easy entry has spawned an overabundance of junk tokens, which inevitably led to audience fatigue. Until the platform offers real utility or mechanisms for selecting quality projects, the outflow of users to more stable instruments, such as futures, will only intensify. The meme coin market is entering a "winter" phase, and only a few will be able to survive it.