Pump Fun’s slowdown triggers 97% collapse in Solana network earnings

Solana’s network revenue and decentralized exchange (DEX) volume have plummeted in recent months as the hype around memecoins fades.

This downturn is largely tied to the slowdown of Pump.fun, a major memecoin launchpad that once fueled a surge in network activity.

At the height of the memecoin craze in January, Solana’s weekly revenue peaked at $55.2 million as traders flooded the network. However, data from DeFiLlama shows a staggering 97% decline, with revenue falling to just $1.8 million this week—the lowest level since September 2024.

This revenue plunge follows a steep drop in trading volume. Solana’s weekly trading activity has tumbled from over $97 billion at its peak to just $5 billion, reflecting a cooling interest in speculative memecoins.

During January’s peak, Pump.fun facilitated the launch of 1.7 million tokens daily, with a small percentage successfully graduating to DEXs.

This intense activity generated millions in fees, contributing significantly to Solana’s revenue surge. However, as the memecoin hype cooled, Pump.fun saw a drastic decline in token launches.

The shift has been stark. Matthew Haddad of Omni Network pointed out that the platform recently recorded an entire 24-hour period without a single new token graduating—a major contrast to its frenzied activity just months ago.

This slowdown has directly impacted Pump.fun’s earnings, with weekly protocol fee revenue dropping to $3.8 million as of March 16, the lowest since September 2024, according to DeFiLlama.