Last year, Pump.Fun, Solana’s central platform for Meme Coin Boom, has been steadily declining in protocol fee revenue and overall trading volume. Current data reveals a severe difference from early peak activity in 2025.
As of March 28, Pump.Fun’s protocol fee revenue was $1.2 million, according to Defillama data. This is a significant drop from January when revenue was $7.07 million. Specifically, this is down 83% from an all-time high in just three months.
This is slightly improved from the near 671k lows reported last week, but the sharp decline highlights a significant contraction in user activity. Currently, the platform faces substantial losses in both revenues and market presence within the Solana Meme Coin ecosystem.
Related: Pump.Fun: This is why they launched their own Dex, Pumpswap
Does decline reflect a slower pace in the broader meme coin market?
Meanwhile, Pump.Fun’s trading volume has also declined sharply. As of Friday, the daily volume was $97.21 million compared to $390.3 million in January. This reduces the peak by more than 75%.
Pump.Fun’s decline in revenue and trading volume is part of a broader slowdown in the Meme Coin market, which had experienced major growth in 2024.
A report from Binance revealed that Meme Coins was the best-performing crypto subsector in 2024, with an average of over 212%. Solana became the blockchain for Meme Coin Trading, with Pump.Fun playing a key role.
In 2024, Pump.Fun accelerated the launch of more than 5.7 million new Meme Coin projects, generating more than $400 million in revenue.
Related: Solana-based Pump.Fun will become the top player for Meme Token Deployment
However, market sentiment appears to have changed dramatically in 2025. Many now see sectors that are generally popular initially with “fair launches” opportunities that are perceived as increasingly full of risks of fraud and manipulation.
Platform disaster: account hacks and securities litigation add pressure
In addition to platform issues, Pump.Fun itself has been compromised recently. On February 26, the platform’s official Pump.fun X account was hacked and used to promote a fraudulent token named fake governance token.
Related: Pump.fun hit in a class action lawsuit accused of securities violations
Separately, Pump.Fun has become the target of investor litigation, which will begin in January. One lawsuit alleges that the platform’s simple token launch process facilitated the creation and promotion of unregistered securities, claiming influencers were misleading and resulting in losses for investors. The lawsuit seeks to purchase tokens, damages and withdrawal of attorneys’ fees.
This follows a similar previous lawsuit that accused Pump.fun of allowing it to promote inappropriate content through the platform, in addition to allegedly breaching securities law.
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