tl;dr
Solana memecoin launchpad Pump.fun experienced its worst month in July 2025, generating $24.96 million in revenue, an 80% decline from January's peak of over $130 million. Revenues fell sharply from $90 million in February to $37 million in March, stabilizing around $40 million until July when they ...
Solana memecoin launchpad Pump.fun endured its worst month of 2025 in July, generating only $24.96 million in revenue according to DeFiLlama data. This marks an 80% decline from the platform’s January peak of over $130 million, continuing a steady downward trend throughout the year. Revenues dropped sharply from $90 million in February to $37 million in March, then stabilized around $40 million from April through June before falling below that threshold in July.
The decline reflects overall weakness in the memecoin sector, where trading volumes and market capitalizations have declined markedly across major platforms. The memecoin market capitalization peaked at $85 billion in July, with daily trading volumes hitting $17.22 billion on July 23. Since then, the market cap has fallen by 23.5% to $65 billion, and daily volume plummeted 67% to $5.59 billion.
Activity on the Solana network has also diminished, with new token creations dropping to three-month lows in early August. On August 2, only 34,040 Solana Program Library tokens were minted, indicating less speculative enthusiasm and fewer new project launches compared to earlier in the year.
Platform-specific trading metrics reinforce this trend of contraction. Pump.fun set daily records on July 9 with 346,000 traders and $348 million in volume but saw sharp drops by August 5, with daily traders down 62% to 129,000 and volume down 56% to $150 million. These declines suggest waning retail interest in memecoin trading.
Competitor platform LetsBonk shows a mixed picture. While daily traders increased 25% to 260,000 since July 9, its trading volume decreased nearly 10% to $453 million. This divergence points to smaller average trade sizes and more cautious behavior among memecoin investors.
Jupiter aggregator data corroborates these observations, highlighting that most Solana memecoin launchpads are experiencing reduced activity compared to summer highs. Importantly, no recent changes in fee structures or launch requirements explain the downturn, indicating that broader market conditions drive the decline.
Despite these challenges, Pump.fun retains its position as the leading Solana memecoin launchpad even amid significant revenue and user engagement drops as of early August 2025.