Pump.fun’s revenue has fallen to a four-month low, largely due to a decline in its token graduation rate.
As per the latest data, Pump.fun’s protocol fee revenue stands at $791,500 as of March 17, representing a staggering 94% decrease from the $15.38 million high reached on January 25. This marks its lowest single-day figure since November.
Alongside the revenue drop, there’s a noticeable slowdown in the memecoin excitement on Pump.fun, reflected in the decreasing graduation rate—the percentage of memecoins that successfully transition to Solana (SOL) decentralized exchanges based on specific liquidity and trading benchmarks.
Recent statistics indicate that Pump.fun’s graduation rate is currently at 0.98%, down from 1.62% on January 20. Additionally, it has stayed under 1% for the past month, since February 17. The decrease in both revenue and graduation rate implies that interest in Solana memecoins may be waning.

It has been reported that the collapse of the memecoin bubble following its peak in January has led to a $1 trillion decline in the overall cryptocurrency market capitalization—from $3.6 trillion to $2.6 trillion. This downturn is likely linked to recent high-profile pump-and-dump schemes, including the LIBRA memecoin incident involving the Argentine president and Trump’s tokens, TRUMP and MELANIA.
In its attempt to boost revenue, Pump.fun has recently launched a mobile app and hinted at plans for an automatic market maker to encourage seamless trading and enhance liquidity.