Activity on the "meme coin factory" Pump.fun has significantly decreased. Key metrics for the protocol, such as token launches and fees, have been declining since August.
According to the Dune dashboard, the share of new assets closing the curve dropped to 0.16% in June, down from over 2% at peak levels in March.
Source: Dune.The total number of coins launched daily has decreased by 30% compared to spring figures.
At the same time, the platform's daily revenue has plummeted to $800,000 from $2 million in January.
Source: Dune.Daily trading volumes on Pump.fun are also falling at a similar rate — from $400 million at the beginning of the year to $100 million currently. As trading volumes decrease, so do the fees for token creators.
Source: Dune.The native coin of the "meme token factory," PUMP, has been in a precarious position for some time. The asset has dropped 80% from its peak values reached shortly after its launch in September 2025.
Daily chart of PUMP/USDT on Binance. Source: TradingView.The negative trend for Pump.fun reflects a broader decline in interest in meme tokens. The total market capitalization of the segment has decreased by nearly $8 billion over the past 30 days.
Market capitalization of the meme coin segment. Source: CoinMarketCap.The stagnation in the meme sector can be attributed to a shift in traders' interest towards perpetual futures. Platforms like Hyperliquid offer users similar easy access as Pump.fun, but to more predictable assets.
As a reminder, on June 12, the day SpaceX went public, trading volume for the corresponding perpetual contract (SPCX) on Hyperliquid reached $1.4 billion.