The decline of the meme cult: Pump.fun loses momentum, investors flee to derivatives
The meme coin incubator platform Pump.fun is experiencing a systemic decline. The protocol's key metrics — from the number of new launches to daily revenue — have been steadily declining since mid-summer. This signals not just a local correction, but a structural shift in market preferences.
According to data from an analytical dashboard, the share of tokens that successfully completed the bonding curve fell to a catastrophic 0.16% in June. For comparison, in March this figure exceeded 2%, meaning successful launches have decreased by 12.5 times. The total number of coins issued daily has dropped by 30% relative to spring peaks.
The platform's financial indicators look no less dismal. Pump.fun's daily revenue has collapsed to $800,000 — a drop of more than half compared to January's $2 million. Daily trading volumes have plummeted from $400 million at the start of the year to the current $100 million. Unsurprisingly, token creator fees have also shrunk significantly.
The platform's native token, PUMP, is also in deep depression. The asset has lost 80% of its all-time highs, reached almost at the moment of its launch in September 2025. The PUMP/USDT chart on Binance shows a sustained downward trend with no signs of reversal.
This negative dynamic is a direct reflection of the overall cooling interest in the meme segment. Over the past 30 days, the total market capitalization of meme coins has shrunk by nearly $8 billion. Investors are tired of the hype and are looking for more predictable instruments.
I believe the main reason for the stagnation of the meme sector is the massive flow of liquidity into perpetual futures. Platforms like Hyperliquid offer the same ease of access as Pump.fun, but with exposure to assets with fundamental value. A telling example: on June 12, the day SpaceX went public, the trading volume of the corresponding perpetual contract (SPCX) on Hyperliquid reached $1.4 billion — an amount that exceeds Pump.fun's daily revenue for an entire year.
My analysis: Pump.fun was an ideal tool for a bull market, when capital seeks entertainment. However, in a bear or sideways market, traders vote with their feet — and move to where there is real profit, not just an ephemeral meme. The decline of Pump.fun is not the end of the meme era, but its natural selection. Only those projects that offer real utility, not just a "funny picture," will survive.