Is Pump.fun’s run over? Revenue crashes to 10-month low as struggles mount
The post Is Pump.fun’s run over? Revenue crashes to 10-month low as struggles mount appeared on BitcoinEthereumNews.com. Momentum is fading fast for Pump.fun, and the once-dominant memecoin launchpad is no longer ‘pumping’ like it used to. Summary Pump.fun revenue recently dipped below $300K, its lowest since September 2024, after peaking at over $7M in January. Memecoin traders are ditching the launchpad for rival platforms. Pump.fun is facing a class-action lawsuit on top of a growing list of challenges. According to DefiLlama data, Pump.fun’s daily revenue slipped below $300,000 on July 28, one of its lowest levels since September 2024. While the figure has slightly rebounded since, the drop adds to a clear downtrend. Back in January, Pump.fun was pulling in over $7 million a day, dominating the industry as the go-to hub for quick token launches. But now, the platform is losing steam, raising the question: why? Why Pumpfun is struggling Several factors have emerged in recent months that could be fueling Pump.fun’s broader decline, from courtroom headaches to rising competition. Legal pressure Earlier this month, a New York-based firm filed an updated class-action lawsuit on behalf of users who claim they lost funds on the platform. Originally filed in January, the suit accuses Pump.fun of running a fraudulent scheme that drains users through rigged token launches and insider-driven trades for personal gain. The legal troubles have only intensified ever since, with additional allegations of wire fraud and racketeering now surfacing. But beyond its legal woes, the declining numbers also come amid a broader shift in trader interest. Memecoin traders ditch Pump.fun Traders are backing away from Pump.fun and shifting to newer launchpads like LetsBonk, the Solana-based platform that launched in April and offers similar easy token creation tools. Over the past month, Pump.fun’s dominance has plunged nearly 70% on tokens deployed on Solana, according to Dune Analytics. In the past 24 hours alone, nearly 20,000 new tokens…
The post Is Pump.fun’s run over? Revenue crashes to 10-month low as struggles mount appeared on BitcoinEthereumNews.com.
Momentum is fading fast for Pump.fun, and the once-dominant memecoin launchpad is no longer ‘pumping’ like it used to. Summary Pump.fun revenue recently dipped below $300K, its lowest since September 2024, after peaking at over $7M in January. Memecoin traders are ditching the launchpad for rival platforms. Pump.fun is facing a class-action lawsuit on top of a growing list of challenges. According to DefiLlama data, Pump.fun’s daily revenue slipped below $300,000 on July 28, one of its lowest levels since September 2024. While the figure has slightly rebounded since, the drop adds to a clear downtrend. Back in January, Pump.fun was pulling in over $7 million a day, dominating the industry as the go-to hub for quick token launches. But now, the platform is losing steam, raising the question: why? Why Pumpfun is struggling Several factors have emerged in recent months that could be fueling Pump.fun’s broader decline, from courtroom headaches to rising competition. Legal pressure Earlier this month, a New York-based firm filed an updated class-action lawsuit on behalf of users who claim they lost funds on the platform. Originally filed in January, the suit accuses Pump.fun of running a fraudulent scheme that drains users through rigged token launches and insider-driven trades for personal gain. The legal troubles have only intensified ever since, with additional allegations of wire fraud and racketeering now surfacing. But beyond its legal woes, the declining numbers also come amid a broader shift in trader interest. Memecoin traders ditch Pump.fun Traders are backing away from Pump.fun and shifting to newer launchpads like LetsBonk, the Solana-based platform that launched in April and offers similar easy token creation tools. Over the past month, Pump.fun’s dominance has plunged nearly 70% on tokens deployed on Solana, according to Dune Analytics. In the past 24 hours alone, nearly 20,000 new tokens…
What's Your Reaction?
