Solana-based memecoin launchpad Pump.fun recorded its worst monthly performance in July 2025, generating just $24.96 million in revenue – an 80-82% collapse from its January peak of $130-137 million. This marks the platform's lowest revenue since its January 2024 launch, completing a steady decline throughout 2025: $90 million in February, $37 million in March, and $40 million monthly from April to June.
Daily metrics underscore the downturn, with July 28 revenue hitting $293,000 – the first sub-$300k day since September 2024 – compared to January's $7 million+ daily highs. Trading volume plunged from $348 million in early July to $150 million by August, while daily traders dropped 62% to 129,000. The platform's native token PUMP reflects this decline, trading at $0.003 – a 50% drawdown from its $0.006 launch price just one month prior.
The crisis stems from three interconnected factors: a broader memecoin market contraction that saw total sector capitalization fall $20 billion (from $85B to $65B) and 24-hour trading volume crash 67% to $5.59 billion; surging competition from rivals like LetsBonk, which captured 80% of Solana token launches (up from 12%) while Pump.fun's share collapsed to 15%; and ongoing legal pressure from a January 2025 class-action lawsuit alleging facilitation of pump-and-dump schemes.
Underlying network data confirms the trend, with Solana new token creation hitting a three-month low of 34,040 SPL tokens minted on August 2. Though competitor LetsBonk saw traders increase 25% to 260,000, its volume still dropped 10% to $453 million – signaling industry-wide cautious behavior through smaller trade sizes.