Momentum fades quickly for pump. Fun, and the once-dominant Memecoin Launchpad no longer pumps “as it used to be.
Summary
- Pump.Fun income recently fell below $ 300k, the lowest since September 2024, after a peak of more than $ 7 million in January.
- Memecoin traders dump the Launchpad for rival platforms.
- Pump.Fun is confronted with a class-action right case on top of a growing list of challenges.
According to Defillama factsPump.Fun’s daily income fell below $ 300,000 on July 28, one of the lowest levels since September 2024.
While the figure has been reflected somewhat since then, the drop contributes to a clear downward trend. In January, Pump.fun attracted more than $ 7 million a day and the industry dominated as the Go-To-Hub for fast token launches. But now the platform loses steam, which asks the question: why?
Why Pumpfun is struggling
In recent months, various factors have emerged that can feed the pump. Fun’s wider decline, from headache from courtroom to rising competition.
Legal pressure
Earlier this month, a company established in New York has filed an updated Class-Action right case on behalf of users who claim that they have lost funds on the platform.
Originally submitted in January, accuses the POP PUMP. Fun of performing a fraudulent schedule that uses users through rigged token launches and insider-driven transactions for personal gain. The legal problems have only been intensified since then, with extra accusations of wire fraud and racketeering now popping up.
But beyond the legal misery, the falling figures also come in the midst of a wider shift in traders’ interests.
Memecoin traders closed Pomp.fun
Traders support Pump.Fun and shift to newer launching places such as Letsbonk, the Solana -based platform that was launched in April and offers comparable simple token creation aids.
In the past month, the dominance of Pump.fun has almost 70% deposited on tokens that were bet on Solana, according to To Dune Analytics. In the last 24 hours alone, almost 20,000 new tokens were used on Letsbonk, while Pump.Fun only saw part of it at just over 4,600.
The decline also closes back to the poor performance of the recently launched pump (pump) token. Despite an early increase after the launch, token has fallen considerably, about 30% dropped in the past week and 59% for the month.
The user numbers of Pump.Fun also cool quickly. Active addresses are due to around 65,000, compared to a peak of January of 425,000. Because wider activity is sliding now, that also returns.
Loss top wins on pump. Fun
Crypto.news reported earlier in June that more than 60% of the pump. Fun traders experienced considerable losses. For a period of six months, about 2.4 million sawing portfolios of at least $ 1,000.
About 30,000 portfolios were hit even harder, with losses between $ 10,000 and $ 100,000, while 46 portfolios lost more than $ 1 million in funds on the chain.
While Pump.Fun still has a strong presence on the market, recent trends have a more negative picture than positive, and it is still to see if and how the platform can turn things around.
