The meme coin platform Pump.fun faces significant challenges, including a sharp decline in daily revenue and loss of market share amid intensifying competition.
Decline in Pump.fun's Daily Revenue
According to DeFiLlama data, Pump.fun's daily revenue hit $293.187K on July 28, the lowest since September 2024. Revenue on July 27 was $305.83K and $363.88K on July 26. At its peak on January 23, the figure reached $7.07M, but has since seen a significant drop.
ICO Success and Market Manipulation
Pump.fun's ICO, which took place on July 12, raised $600 million in under 12 minutes by selling 125 billion PUMP tokens. Over 10K wallets participated, many of which were pre-funded through PumpSwap. However, market manipulation was observed, where a whale seeded 500 wallets with $400 each to simulate increased interest.
Competition with LetsBonk and Future of Pump.fun
The meme coin market also sees intensified competition, particularly from LetsBonk, which has surpassed a 69% market share. While Pump.fun's share has dropped to 19%, experts believe this negatively impacts its revenue. Solana co-founder Anatoly Yakovenko labeled meme coins as 'worthless digital slop', raising questions about their long-term viability. DeFi researchers highlight the need for Pump.fun to adapt to the rapidly changing meme coin landscape.
The situation surrounding Pump.fun underscores the complex changes in the meme coin market, as companies must focus on rebuilding trust and innovating to remain competitive.
