Pump.fun revenue plunges due to meme coin industry crisis
According to DefiLama data, Pump.fun protocol’s revenue dropped from a peak of $15.38 million on January 25 to $1.1 million. This drastic revenue decline coincided with a decrease in the number of tokens launched on the platform from 70,000 to 25,000. Experts attribute recent scandals in the meme coin market, especially the controversy surrounding the LIBRA token linked to Javier Milei, the President of Argentina, and the recent Twitter account hack of Pump.fun promoting fake tokens, as the main factors eroding investor trust in this sector. This comes as the meme coin industry had experienced a 212% growth in 2024.
