The cooling interest in meme tokens dealt a heavy blow to Pump.fun: activity collapsed.
The Pump.fun platform, long considered the main conveyor belt for meme coins, is experiencing a serious decline in activity. Key protocol metrics — from the number of new token launches to daily revenue — have shown a steady decrease since August.
According to data from the analytical dashboard on Dune, the share of assets that successfully completed the bonding curve fell to a catastrophic 0.16% in June. For comparison, this figure reached 2% in March — a drop of more than 12 times. The total number of daily token launches has decreased by 30% compared to spring peaks.
Financial consequences were not long in coming. Pump.fun's daily revenue has collapsed to $800,000 — more than halved from January's $2 million. Daily trading volumes have also fallen from $400 million at the start of the year to a modest $100 million today. The reduction in turnover has directly impacted the income of token creators, whose fees are steadily declining.
PUMP under pressure
The platform's native token, PUMP, is in a dire situation. The asset has lost 80% of its value from all-time highs, reached almost immediately at its launch in September 2025. The PUMP/USDT chart on Binance shows a prolonged downtrend with no signs of reversal.
This negative dynamic is a direct reflection of the overall cooling of the meme token market. Over the last 30 days, the total market capitalization of the entire segment has shrunk by nearly $8 billion. Investors have grown tired of speculative "shooter coins" with zero fundamental value.
Shift in trader priorities
The stagnation of the meme sector can be explained by a shift in trader interest towards more predictable instruments. Perpetual futures on platforms like Hyperliquid offer users the same ease of entry as Pump.fun, but tied to assets with real liquidity and lower volatility.
A telling example: on June 12, the day of SpaceX's stock market debut, the trading volume of the SPCX perpetual contract on Hyperliquid reached $1.4 billion — a figure that overshadows Pump.fun's current metrics.
Expert opinion: Pump.fun has become a victim of its own success. When every other token turned out to be a "dud" and investors lost capital on pumps and dumps, the market naturally began seeking more mature instruments. Platforms built solely on hype will either have to evolve or disappear.