Pump.fun, the memecoin launchpad that took the crypto world by storm last year, has seen its reign crumbling under the weight of fierce competition and increasing criticism. Just last Monday, the platform’s revenue dipped to under $300,000, something that only happened twice before in the last 12 months (both in September 2024). So, what’s going on? Could Pump.fun possibly revive itself from this slump, or is it time to bid it adieu?
Launched in 2024, Pump.fun quickly became the go-to place for memecoin enthusiasts. By Tuesday, it had racked up over $730 million in total revenue, which isn’t a small feat. But let’s be real, its critics aren’t letting it off the hook. Many retail investors have found themselves holding the bag, after Pump.fun led to an explosion of speculative tokens flooding the market.
I’m telling yall this entire org (Pump Fun and that dork Alon) is by far the biggest extractor and net negative in the space. Period.
— Amol G. (@0xAmol) March 30, 2025
wouldn’t be surprised they were the single largest reason of absolute retail fleecing and one of the most detrimental aspects of crypto this…
For just $2 on Solana, anyone could launch their own token. And that’s exactly what happened. Fartcoin, anyone? It soared to a $2 billion market cap in January, before slipping to a “mere” $1 billion. Despite being the first of its kind, and holding 90% of all token launches for the first half of 2024, the winds have shifted.
Can Pump.fun Recover?
Enter the competitors. While established players like Raydium and Jupiter tried launching their own token platforms, they couldn't take a chunk out of Pump.fun’s dominance. That is, until July 6, when LetsBonk passed Pump.fun in market share for the first time. Let’s just say, it was a game changer.
As of Monday, LetsBonk’s market share had surged to a staggering 75%, leaving Pump.fun trailing at a mere 15%. And the numbers? Oh, they're telling a story. LetsBonk racked up $163 million in volume, 800% more than Pump.fun. Talk about a change in momentum. And the fees? LetsBonk brought in around $1.3 million, while Pump.fun barely scraped by with $200,000. In terms of success, LetsBonk had 240 tokens graduate within the past 24 hours, while Pump.fun only saw 34.
But let’s not forget, Pump.fun has had its share of controversies, too. In November, it pulled the plug on its livestream feature after it became a hotbed for chaos. Users pulled stunts, threatened pets, and even staged suicide attempts to artificially inflate token values. Fast-forward to April, and guess what? The feature quietly returned.
Then there’s the July 12 ICO—Pump.fun raised $500 million in just 12 minutes. Impressive, right? Well, not quite. The team had also raised an additional $720 million by selling PUMP tokens to private investors, many of whom immediately dumped their holdings once the tokens started trading. One anonymous venture partner, McKenna from Arete Capital, summed it up perfectly:
“The ‘Institutional round’ sucked all demand out of secondary markets and just left the market with relentless supply to dump.” Classic crypto move.
Oh, and remember that anticipated airdrop? Well, on July 23, Pump.fun co-founder Alon Cohen made a public announcement that it wouldn't happen "in the immediate future." Cue a 15% drop in the value of PUMP tokens within 24 hours. As of Tuesday, PUMP was sitting 33% below its ICO price of $0.004. Yikes.
So, what’s next for Pump.fun? Will it find a way to regain its former glory? Or has it already been left in the dust by newer, more aggressive players in the memecoin space? Only time will tell.
Gunel Ismayilova
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