Is Pump.fun’s run over? Daily revenue sinks to 10-month low amid legal woes and user exodus

The once-hyped memecoin launchpad Pump.fun appears to be running out of steam. On July 28, its daily revenue dropped below $300,000, one of the lowest levels recorded since September 2024, according to data from DeFiLlama. Although revenue has slightly rebounded, the sharp decline underscores a broader downtrend that has persisted since the start of the year.

Back in January, Pump.fun was pulling in over $7 million per day, making it the go-to platform for lightning-fast token launches. Now, it’s struggling to maintain momentum as legal pressure mounts, competitors gain ground, and user activity plummets.

Pump.fun’s troubles have been compounded by legal action. Earlier this month, a New York-based firm refiled and expanded a class-action lawsuit originally submitted in January. The updated suit accuses the platform of orchestrating fraudulent practices, including rigged launches and insider-driven trades that allegedly siphoned funds from unsuspecting users. The case now includes additional charges of wire fraud and racketeering, further eroding investor trust.

The platform’s user base has been shrinking rapidly. Active addresses have fallen to around 65,000, compared to a January peak of 425,000. Traders are increasingly turning to alternative platforms like LetsBonk, a newer Solana-based launchpad offering similar instant token creation tools. In the past 24 hours alone, LetsBonk recorded nearly 20,000 token launches—far outpacing Pump.fun’s 4,600.

Data from Dune Analytics confirms that Pump.fun’s dominance on Solana has dropped nearly 70% in the past month. This shift in developer and trader attention has contributed significantly to the revenue slide.

PUMP Token Collapse and Mounting Losses

Adding to the woes is the poor performance of Pump.fun’s own token, PUMP. Despite an initial surge post-launch, the token has now dropped roughly 30% over the past week and 59% over the past month.

The platform’s reputation also took a hit after reports from crypto.news revealed that more than 60% of Pump.fun users had experienced significant losses. Over a six-month period, around 2.4 million wallets lost at least $1,000. Another 30,000 wallets were down between $10,000 and $100,000, while 46 wallets lost over $1 million each in on-chain value.

While Pump.fun still maintains a sizable footprint in the launchpad space, its recent trajectory is increasingly negative. Revenue, user metrics, and token performance all point to a platform in decline. Unless there is a significant turnaround, the project’s best days may already be behind it.