Is Solana Memecoin Mania Dead? What Pump.fun’s Declining Volume Means for You

• Pump.fun’s daily revenue has dropped sharply, falling from over $3M in January to just around $100K in March.
• The platform’s new DEX, PumpSwap, has pulled in $3.2B in volume with over 134K active traders since launch.
• A teased April Fools product, “PumpFi,” hinted at a “buy now, pay later” model for memecoins—but might not be entirely fake.

Welp, it looks like the memecoin party might be winding down—at least for Pump.fun. After riding the wave of absurd internet coins and meme-fueled mayhem for months, the platform’s daily revenue has taken a sharp nosedive, hitting lows it hasn’t seen since its early days.

And sure, the devs are trying to breathe some new life into the ecosystem with the launch of PumpSwap, their shiny new decentralized exchange… but whether that’ll be enough to stop the bleeding? Still very much up in the air.

Revenue Drop? More Like Freefall.

Back in January, Pump.fun was raking in over $3 million a day in fees. February? That slid to around $1.1 million by month’s end. Fast-forward to early March and the floor fell out completely—revenues dipped under $1 million, then on March 8, they cratered to $107K. Since then? Still stuck in the gutter.

It’s not just the dollars, either. Token launches on the platform have taken a hit too. From a high of 50K+ launches per day in January, down to around 30K in Feb, and hovering near 25K in March. On March 21, things got especially bleak—just 17,308 tokens launched that day.

There’s been a small bounce since then, but the capital? Yeah, it’s not coming back with the same energy.

Fewer Users, More Launches (That’s… Not Great)

Even more concerning: a shrinking group of users are responsible for most of the token launches now. That’s a red flag for any platform trying to scale — less diversity usually means less staying power.

And if memecoin mania really is on the decline, it puts Pump.fun in a tough spot. You can’t just mint excitement when the crowd starts getting bored.

PumpSwap and the DeFi Pivot

Still, it’s not like the team’s sitting on their hands. On March 20, they rolled out PumpSwap, a native DEX to give users a fresh playground.

So far, it’s kinda working—$3.2 billion in total volume, with daily averages hovering between $250M–$350M. Not bad.

The platform’s also picked up over 134,000 high-frequency traders, flipping tokens like they’re Pokémon cards. But whether that volume translates into long-term growth? That’s a wait-and-see.

PumpFi: April Fools or Actual Alpha?

Then there’s PumpFi, a meme-DeFi crossover they teased on April 1. The concept? A “buy now, pay later” model… for NFTs and memecoins.

Yep, you read that right.

At first glance, it seems like a joke—especially since the post ended with a cheeky disclaimer: “obviously this is not a real product.” But then came the winks: “(yet) (jk) (but what if)” — so hey, maybe this absurd idea isn’t off the table after all.

Bottom line? Pump.fun had a hell of a run. But the memecoin magic may be fading—and now it’s up to PumpSwap, or maybe some bizarre product like PumpFi, to carry the torch.