PumpFun Revenue Plunges 96% to Lowest Level Since March 2024

Memecoin launchpad Pumpfun has struggled since its token launch on July 14, and the platform’s metrics are echoing its token’s poor performance, with weekly revenue falling to its lowest level since March 2024.

Pumpfun earned just $1.7 million in revenue between July 28 and Aug 3, its worst week since March 2024, when it earned $1.52 million. The figure represents a 96% drop from its all-time high of $43.6 million in January, the week after the TRUMP memecoin launch, which led to froth and exuberance in the memecoin space.

It is worth noting that the $43.6 million all-time high was an outlier, with most weeks during peak memecoin season generating between $15 million and $25 million.

Pumpfun routinely featured among the top five revenue generators in decentralized finance (DeFi) over the last year, but the platform has since slipped down the rankings and is now in 16th place, according to DeFiLlama.

The platform recently unveiled its new revenue and token buyback dashboard, which shows that Pumpfun has executed $23 million in PUMP buybacks since its token went live, purchasing 0.42% of the supply.

Despite the buyback program, the PUMP token has not fared well, dropping as much as 42% below its ICO valuation of $4 billion. However, the token has staged a rebound over the last few days and is up 30% over the last week.

PUMP currently changes hands at a $3.4 billion valuation, roughly 50% below its peak $6.7 billion fully diluted valuation (FDV) hit shortly after launch.