Pump.fun, a Platform Central to Solana's Meme Coin Boom, Continues to See Sharp Declines in Revenue and Trading Volume

Pump.fun, a platform central to Solana's meme coin boom last year, continues to see sharp declines in protocol fee revenue and overall trading volume.

Solana-based DeFi platform Pump.fun, known for facilitating the creation of meme coins on the blockchain, has seen a sharp decline in both protocol fee revenue and trading volume.

According to data from DefiLlama, Pump.fun’s protocol fee revenue for March 28 stands at $1.2 million. This marks a significant drop from January, when the revenue peaked at $7.07 million.

Specifically, this marks an 83% decline from the all-time high in just three months. While this marks a slight improvement from a low near $671k reported just last week, the steep decline highlights a considerable contraction in user activity. The platform now faces a loss in both revenue and market presence within the Solana meme coin ecosystem.

Moreover, trading volume on Pump.fun has also experienced a steep decline. As of Friday, the daily volume stood at $97.21 million, compared to $390.3 million in January.

This marks a more than 75% decrease from its peak. The decline in Pump.fun’s revenue and trading volume is part of a broader slowdown in the meme coin market.

The market had seen massive growth in 2024, with meme coins being the top-performing crypto sub-sector, according to a report by Binance.

The report revealed that meme coins had average gains of over 212%, compared to Bitcoin’s 116% return and Ethereum’s 158%. Solana became the go-to blockchain for meme coin trading, and platforms like Pump.fun played a key role in facilitating this activity.

In 2024, Pump.fun facilitated the launch of over 5.7 million new meme coin projects and generated more than $400 million in revenue. However, market sentiment seems to have shifted significantly in 2025.

Many now view the sector, initially popular for perceived “fair launch” opportunities, as increasingly fraught with fraud and manipulation risks.

The shift in sentiment is evident in the significant decline in Pump.fun’s revenue and trading volume, highlighting the challenges faced by Solana’s DeFi ecosystem as the crypto market continues to evolve.