Activity on the «meme-coin factory» Pump.fun has noticeably declined. The protocol's key metrics, such as token launches and fees, have been falling since August.
According to a Dune dashboard, the share of new assets that completed the bonding curve fell to 0.16% in June. At its peak in March, the metric exceeded 2%.
The total number of coins launched daily has dropped by 30% compared with spring figures.
In parallel, the platform's daily revenue has collapsed to $800,000 against $2 million in January.
At the same pace, daily trading volumes on Pump.fun are falling — from $400 million at the start of the year to $100 million at present. Due to the reduction in turnover, token creators' fees are declining as well.
The native coin of the «meme-token factory», PUMP, has been in a difficult position for a long time. The asset has slumped 80% from the maximum values it reached practically at the moment of its launch in September 2025.
Pump.fun's negative dynamics reflect a general decline in interest in meme tokens. The segment's total capitalization has shrunk by almost $8 billion over the past 30 days.
The stagnation of the meme sector can be explained by a shift in traders' interest toward perpetual futures. Platforms like Hyperliquid provide users with the same easy access as Pump.fun, but to more predictable assets.
Recall that on June 12, the day of SpaceX's stock-market debut, the trading volume of the corresponding perpetual contract (SPCX) on Hyperliquid reached $1.4 billion.
Source: ForkLog
