Pump.fun, once the dominant player in Solana’s memecoin launch ecosystem, is now seeing a dramatic fall in revenue and market share. According to DeFiLlama, daily revenue on the platform dipped below $300,000 on July 28–29, the first time it’s fallen this low since September 2024.

This represents a massive 92% decline from its peak, when the platform generated over $7 million per day and monthly revenues soared past $130 million in January 2025.

LetsBONK Overtakes as Users Flee Pump.fun

Rival platform LetsBONK has emerged as a clear winner during Pump.fun’s downturn. On July 25, LetsBONK pulled in approximately $1.3 million in daily revenue, significantly outpacing Pump.fun.

In terms of token launches, Pump.fun’s dominance has evaporated. Back in June, it led with around 88% market share on Solana. Now, it accounts for just 19%, while LetsBONK commands 69%, signaling a swift and substantial user migration.

From $410M in Revenue to a Struggling Platform

Pump.fun once racked up $410 million in revenue in 2024, reaching over $700 million in total protocol fees by mid-2025. It also played a major role in driving the Solana memecoin boom, hosting over 11 million token launches and attracting 22 million active addresses.

Despite a successful $500 million PUMP token sale on July 12, which reached a $4 billion valuation in just 12 minutes, things quickly turned sour. The token’s value dropped over 50%, with airdrop delays and growing community frustration adding to the platform’s woes.

Meanwhile, other competitors like Base App and Zora still trail behind, each generating just over $120,000 in weekly revenue. But the real momentum is clearly shifting toward LetsBONK.

What This Means for Solana and Meme Tokens

Pump.fun’s decline may reflect broader shifts in the Solana ecosystem. As memecoin activity drops on the platform, associated trading fees and volumes could decline too—potentially impacting Solana’s overall DeFi activity.

Other launchpads like Jupiter Studio have also begun to overtake Pump.fun’s market share, highlighting the fast-changing landscape.

Summary

Pump.fun’s golden era appears to be fading. Once the leader in memecoin launches on Solana, the platform is now being overtaken by faster-growing rivals like LetsBONK. With traders and creators chasing better incentives and stronger momentum, Pump.fun must now find a way to reinvent itself—or risk fading into crypto history.