Solana News Today: Pump.fun Revenue Plummets 80% as Traders Shift to Rivals

Pump.fun, the Solana-based meme coin platform that once dominated the market, has seen a sharp decline in revenue as traders shift to alternative launchpads like LetsBonk. According to a Dune dashboard by pseudonymous data scientist Adam Tech, Pump.fun accounted for just 19% of tokens deployed through Solana-based launchpads on Saturday, down from 88% a month earlier [1]. This shift reflects a broader migration of users toward newer platforms offering similar features but with growing traction [1].

The platform’s native token, PUMP, has mirrored this downturn, hitting a fresh low of $0.002 on Monday, a 60% drop over 12 days [1]. Pump.fun’s revenue, which relies on a 1% transaction fee, has also collapsed. On Sunday, it generated under $200,000, compared to $426,000 a week prior and $1 million a month earlier [1]. This decline follows its initial coin offering (ICO), which raised $600 million in under 15 minutes but is now viewed as a failure by many in the crypto community [1].

Competitors like LetsBonk have capitalized on Pump.fun’s waning influence. The platform, which debuted in April, accounted for 69% of Solana token deployments on Saturday [1]. Its user-friendly model—allowing anyone to create meme coins with minimal technical knowledge—has driven notable successes. A token called DEBT, launched via LetsBonk, achieved a $14.8 million market capitalization in recent days, outpacing Pump.fun’s top performer, INCEL, at $531,000 [1]. Daily active addresses on LetsBonk reached 62,000 on Sunday, compared to Pump.fun’s 77,200, a far cry from its peak of 425,000 in January [1].

The shift has raised concerns about Pump.fun’s long-term viability. Adam Tech noted that the project risks losing its reputation as a go-to meme coin platform if the trend continues, stating, “It’s up to them to convince the trenches” [1]. Meanwhile, Pump.fun co-founder Alon Cohen hinted at delays in a highly anticipated token airdrop, a move analysts say could further erode user confidence.

Criticism of the meme coin space has also intensified. Solana co-founder Anatoly Yakovenko dismissed meme coins as “digital slop” with “no intrinsic value,” while a revised class-action lawsuit alleges that Solana’s ecosystem functions as an unlicensed digital casino [1]. Despite this, some defend the trend as a demonstration of Solana’s throughput, citing the surge in transactions following U.S. President Donald Trump’s token launch in January.

The decline of Pump.fun underscores the volatile nature of the meme coin market, where rapid adoption and hype can swiftly give way to fragmentation and regulatory scrutiny. As traders and developers seek alternatives, the sustainability of platforms like Pump.fun remains in question, particularly if they fail to adapt to shifting user preferences and maintain competitive innovation.

Source: [1] [title1Pump.fun Revenue Plummets as Meme Coin Traders Tap Other Launchpads] [url1https://decrypt.co/332091/pump-fun-revenue-plummets-meme-coin-traders-tap-launchpads]