The Solana memecoin craze may be losing steam. Leading launchpad Pump.fun reported its lowest monthly revenue of 2025 in July, according to new data from DeFi analytics platform DefiLlama.

Pump.fun generated just $24.96 million in revenue last month, marking an 80% drop from its January peak of over $130 million. The sharp decline suggests a fading appetite for memecoin creation and trading after a months-long speculative frenzy.

Pump.fun Revenue Trend: From Hype to Cooldown

Pump.fun’s revenue trajectory paints a clear picture of sectoral exhaustion:

• January 2025: ~$130M
• February: ~$90M
• March: ~$37M
• April–June: Hovered near ~$40M
• July: Plummeted to ~$24.96M

This sustained decline reflects broader memecoin market fatigue, despite short-lived rallies throughout the year.

Memecoin Trading Volume Also Down Sharply

In July, memecoins briefly roared back to life. On July 23, CoinMarketCap reported:

• $85 billion in total market cap
• $17.22 billion in 24-hour trading volume

However, the euphoria quickly faded. As of this week:

• Market cap sits at $65 billion (↓23.5%)
• 24-hour volume fell to $5.59 billion (↓67%)

The volume and valuation crash has raised questions about whether the memecoin sector can sustain its speculative momentum going forward.

Solana’s SPL Token Minting Hits 3-Month Low

Solana, the blockchain that fueled most of the memecoin boom, is seeing signs of slowing token creation. On Saturday, Solscan reported just 34,040 SPL tokens minted—the lowest daily mint count in three months.

This suggests that retail participation and project launches are cooling off, even as top memecoin launchpads attempt to maintain engagement.

Pump.fun and LetsBonk See Trader and Volume Drops

Trading activity on Solana’s two most popular memecoin platforms has also declined:

Pump.fun

• July 9: 346,000 traders | $348M volume
• Aug 5: 129,000 traders | $150M volume
• ↓ 62% traders | ↓ 56% volume

LetsBonk

• July 9: 208,000 traders | $503M volume
• Aug 5: 260,000 traders (↑25%) | $453M volume (↓10%)

While LetsBonk gained more users, its volume also declined, pointing to less capital flow per user—another red flag for memecoin sustainability.

Summary: Speculative Cycle or Sector Reset?

The memecoin sector, especially on Solana, appears to be entering a corrective phase. With Pump.fun revenue plunging, trader counts dropping, and token minting slowing, the mania may be giving way to a more selective, cautious environment.

Whether this is a temporary reset or a longer-term decline remains to be seen. For now, traders and developers alike are treading more carefully in the once-explosive memecoin arena.