Pump.fun, a platform central to Solana’s meme coin boom last year, continues to see sharp declines in protocol fee revenue and overall trading volume. Current data reveals a stark difference from its peak activity earlier in 2025.

As of March 28, Pump.fun’s protocol fee revenue stands at $1.2 million, according to data from DefiLlama. This is a significant drop from January, when the revenue was $7.07 million. Specifically, this marks an 83% decline from the all-time high in just three months.

While this marks a slight improvement from a low near $671k reported just last week, the steep decline highlights a significant contraction in user activity. The platform now faces considerable loss in both revenue and market presence within the Solana meme coin ecosystem.

Related: Pump.fun: Here’s Why We Launched Our Own DEX, PumpSwap

Decline Reflects Broader Meme Coin Market Slowdown?

Meanwhile, trading volume on Pump.fun has also experienced a steep decline. As of Friday, the daily volume stood at $97.21 million, compared to $390.3 million in January. This marks a more than 75% decrease from its peak.

The decline in Pump.fun’s revenue and trading volume is part of a broader slowdown in the meme coin market, which had seen massive growth in 2024. 

A report by Binance revealed that meme coins were the top-performing crypto sub-sector in 2024, with average gains of over 212%. Solana became the go-to blockchain for meme coin trading, and Pump.fun played a key role.

In 2024, Pump.fun facilitated the launch of over 5.7 million new meme coin projects and generated more than $400 million in revenue.

Related: Solana-Based Pump.fun Becomes Top Player in Meme Token Deployment

However, market sentiment seems to have shifted significantly in 2025. Many now view the sector, initially popular for perceived “fair launch” opportunities, as increasingly fraught with fraud and manipulation risks.

Platform Woes: Account Hack and Securities Lawsuits Add Pressure

Adding to the platform’s woes, Pump.fun itself was recently compromised. On February 26, the platform’s official Pump.fun X account was hacked and used to promote fraudulent tokens, including a fake governance token named PUMP.

Related: Pump.fun Hit With Class Action Lawsuit, Accused of Securities Violations

Separately, Pump.fun became the target of investor lawsuits starting in January. One suit alleges the platform’s easy token launch process facilitated the creation and promotion of unregistered securities, claiming influencers were used misleadingly, resulting in investor losses. That suit seeks rescission of token purchases, damages, and attorney’s fees.

This followed a similar earlier lawsuit which, in addition to alleged securities law violations, also accused Pump.fun of allowing the promotion of inappropriate content via its platform.