Solana News Today: Pump.fun's 92% Revenue Drop as Solana Meme Coin Rivals Surge

Pump.fun, a prominent Solana-based meme coin launchpad, has seen a dramatic 92% decline in revenue from January to July 2025, as traders migrate to alternative platforms such as LetsBONK and Jupiter Studio [1]. On-chain analytics confirm the shift, with LetsBONK generating $1.3 million in daily revenue on July 25 compared to Pump.fun’s $254,000, a trend that has persisted since early July [2]. The platform’s native PUMP token has also dropped 48% amid heavy sell-offs by private investors, reflecting broader volatility in the Solana ecosystem [3].

The decline has rippled through the Solana market, with liquidity pools and trading volumes suffering as users prioritize newer launchpads offering more aggressive incentives. SolanaFloor data reveals LetsBONK now captures 37%-55% of daily token creator activity—up from 3%-10% in mid-July—while hosting 64% of memecoins valued above $500,000, compared to Pump.fun’s 11.1% [3]. Jupiter Studio, another rival, briefly surpassed Pump.fun in daily revenue, hitting $1.78 million on July 21 before settling into second place.

Pump.fun’s updated software development kit (SDK) hints at a potential revival strategy: a proposed incentive program that could distribute PUMP tokens based on trading volume. Early test configurations suggest a daily allocation of $1 billion worth of tokens—equivalent to 3% of the monthly supply—to reward users [3]. However, analysts caution these figures may be placeholders, as the financial feasibility of such a model remains unproven. The platform’s recent struggles, including a 28% drop in PUMP’s price ahead of the rumored incentives, further complicate its ability to regain traction [4].

Public reaction to the speculation has been mixed. While some users view the program as a necessary response to aggressive competitors, others fear it could incentivize bot-driven transactions or wash trading [3]. A temporary 17% rebound in PUMP’s price following the rumors failed to push the token above its initial offering price, fueling skepticism about long-term viability [3].

Blockworks data shows Pump.fun’s weekly trading volume has hit a 15-month low, undermining its ability to fund repurchase programs or sustain user incentives [5]. The situation has created a negative feedback loop: as competition erodes revenue, fewer resources are available to compete effectively, accelerating user migration to rivals [5].

The platform’s prospects depend on executing a viable incentive strategy while addressing structural weaknesses. While the SDK updates suggest a flexible architecture, the program’s success will hinge on design and enforcement mechanisms to prevent exploitation. Analysts note competing platforms have already demonstrated the effectiveness of similar models, raising the bar for Pump.fun to differentiate itself beyond token-based rewards [3].

DeFi researcher Ignas highlighted the disconnect between revenue growth and token price, stating, “The structural challenges within the project’s tokenomics remain unaddressed” [3]. With Solana’s memecoin ecosystem evolving rapidly, Pump.fun faces a critical test of its adaptability. Its ability to innovate and retain user trust will determine whether it can reverse its trajectory in a hyper-competitive landscape.

Source:

[1] [Pump.fun PUMP Token Drops 6.55% as 40.50% Volume Decline Sparks Unconfirmed Incentive Program Speculation](https://www.ainvest.com/news/pump-fun-pump-token-drops-6-55-40-50-volume-decline-sparks-unconfirmed-incentive-program-speculation-2507/)

[2] [Pump.fun May Launch Incentive Program as LetsBONK...](https://coincentral.com/pump-fun-may-launch-incentive-program-as-letsbonk-dominates-market/)

[3] [Pump.fun Reportedly Plans $PUMP Incentives Program to...](https://solanafloor.com/news/pump-fun-reportedly-plans-pump-incentives-program-to-regain-market-share-as-jup-studio-overtakes-platform)

[4] [Pump.fun's fall trilogy: legal hunting, coin price cut, trust...](https://www.panewslab.com/en/articles/fnk3nk44)

[5] [Pump.fun's PUMP Token Drops 6.55% as 40.50% Volume Decline Sparks Unconfirmed Incentive Program Speculation](https://www.ainvest.com/news/pump-fun-pump-token-drops-6-55-40-50-volume-decline-sparks-unconfirmed-incentive-program-speculation-2507/)