Interest in meme tokens is waning: activity on Pump.fun has plummeted to all-time lows.
The Pump.fun platform, once considered the main "meme-coin factory," is experiencing a sharp decline in activity. Since August, the protocol's key metrics—number of token launches, daily revenue, and trading volumes—have been consistently declining, signaling a fundamental cooling of the market.
According to analytical data, the share of tokens that successfully completed the bonding curve has fallen to a catastrophic 0.16% in June. For comparison, at its peak in March, this figure exceeded 2%. The total number of daily coin launches has decreased by 30% compared to spring levels.
Pump.fun's financial indicators also show negative dynamics. The platform's daily revenue has collapsed to $800,000, down from $2 million in January. Meanwhile, daily trading volumes have fallen from $400 million at the beginning of the year to $100 million currently. The reduction in turnover has directly impacted token creators' fees.
The platform's native coin, PUMP, is in a difficult position: the asset has lost 80% of its all-time highs, reached almost immediately after its launch in September 2025.
The negative dynamics of Pump.fun are merely a reflection of the overall trend. The market capitalization of the entire meme-token segment has shrunk by nearly $8 billion over the past 30 days. It is evident that the hype around memes is fading, and traders are reorienting towards more predictable instruments.
I see the main reason for the stagnation of the meme sector as a shift in trader interest towards perpetual futures. Platforms like Hyperliquid offer users the same easy access as Pump.fun, but to assets with a more transparent fundamental basis. On June 12, the day SpaceX went public, the trading volume of the corresponding perpetual contract (SPCX) on Hyperliquid reached $1.4 billion—a clear signal of where liquidity and attention are flowing.
Expert commentary: The meme-token market is undergoing a natural correction after a period of speculative overheating. In the current environment, investors should reconsider their strategies: betting on "meme hype" is becoming increasingly unjustified, while instruments with real liquidity and predictability, such as perpetual futures, are coming to the forefront. Pump.fun will likely still be able to attract a new wave of users, but for this, the platform will need a serious evolution.