Pump.fun Daily Revenue Slumps as Memecoin Trading Shifts to Rival Platforms

Daily revenue at Pump.fun, the Solana-based memecoin issuance platform, has fallen sharply in recent weeks. As trading that pairs memecoins with stock tokens gains traction, some demand is shifting to rival platforms.

Blockworks product revenue charts posted on Sept. 5 show Pump.fun’s daily revenue rose to about $3.2 million in late August before dropping to the low-$1 million range recently. The figure combines revenue from Pump.fun’s memecoin issuance service and trading platforms PumpSwap and Terminal. The steep growth seen earlier in August reversed after reaching a peak at month-end.

Kunal Goel, a Blockworks research analyst, wrote on X the same day that trading activity is moving to Robinhood Chain and other token issuance platforms on Solana as Pump.fun’s revenue declines. He added that platforms supporting trading pairs between memecoins and stock tokens are attracting new demand.

Robinhood Chain is a Layer 2 blockchain separate from Solana. Decentralized exchanges including Uniswap provide trading infrastructure. As swaps between memecoins and stock tokens spread, competition is broadening beyond simple memecoin issuance and trading toward the use of stock tokens.