Pump.fun Revenue Nosedives After Contentious Week for Buzzy Crypto Project

Daily revenue on the site, which lets users create and launch their own memecoins, almost quintupled, to $5 million, by November 24.

Pump.fun, a site that allows users to create and launch their own memecoins, saw its daily revenue almost quintuple to reach $5 million by November 24.

However, the site’s top line has since nosedived by a third to reach $3.6 million this week, data from DefiLlama shows.

The reason for the fall in revenue is unclear, but it follows an especially contentious week for one of the buzziest projects in crypto.

In mid-November, a middle-schooler flipped off onlookers after he won $30,000 in a rug pull, or when memecoin creators sell large stashes in one fell swoop, which results in a price crash.

Moreover, on Monday, a user purportedly committed suicide to promote his own cryptocurrency. (The stunt turned out to be fake.)

Later on Monday, Pump.fun disabled users’ ability to livestream.

Its revenue dropped by more than $1.5 million from Sunday to Monday, marking its largest one-day price swing since DefiLlama began collecting data about the platform in March.

“Many users have expressed fatigue with Pump.fun memecoins, and negative sentiment towards the platform has reached an all-time high,” Min Jung, a research analyst at Presto Labs, told DL News.

Pump.fun has generated almost $230 million in total revenue since its launch in January.

Pump to Base

Jung also noted that traders are now shifting away from Pump.fun.

“There seems to be a growing shift in interest toward the Base ecosystem,” he said, referencing the layer-2 blockchain developed by crypto exchange Coinbase.

Virtuals, a protocol that lets users buy and sell stakes in AI characters, has seen its token rise by 33% in the last 24 hours.

Furthermore, Clanker, an AI bot that enables users to launch memecoins through text commands, has also seen its own boom.

Daily trading volume on the platform, which runs on Base, has increased from $2 million in early November to a high of $116 million on Tuesday.

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Ben Weiss is DL News’ Dubai Correspondent. Got a tip? Email him at bweiss@dlnews.com