The meme token bubble is deflating: activity on Pump.fun has plummeted to historic lows.
Interest in meme tokens is rapidly fading, and this is directly reflected in the metrics of Pump.fun — the platform that was the main "meme coin factory" at the beginning of the year. Since August, the protocol's key metrics have shown a steady decline, with some collapsing several times over.
According to Dune dashboard data, the share of new tokens that successfully completed the bonding curve fell to 0.16% in June. For comparison, in March this figure exceeded 2%, which was the peak value. The total number of coins launched daily has decreased by 30% compared to spring levels. This indicates that issuers are losing motivation and the quality of projects is declining.
Pump.fun's daily revenue has collapsed to $800,000 — more than halved from January's $2 million. Trading volumes have also dropped from $400 million at the start of the year to $100 million currently. The contraction in turnover has led to a reduction in token creator fees, further worsening the platform's economics.
The native token PUMP, launched in September 2025, has lost 80% of its all-time highs, which were reached almost immediately at listing. This dynamic is a direct reflection of the loss of interest in the Pump.fun ecosystem.
The key reason for the stagnation of the meme token segment is the shift in trader focus to perpetual futures. Platforms like Hyperliquid offer similar convenient access, but to more predictable and liquid assets. For example, on June 12, the day SpaceX went public, the trading volume of the SPCX perpetual contract on Hyperliquid reached $1.4 billion. This is an order of magnitude higher than Pump.fun's current figures.
My comment: The decline of Pump.fun is not a coincidence, but a natural outcome of the market being oversaturated with low-quality meme tokens. Investors are tired of endless "rockets" without fundamental value and are moving to more mature instruments. If the platform does not adapt and offer real utility, it faces further decline. The meme token trend seems to have finally run out of steam.