Pump.fun cedes ground to rivals amid legal scrutin

The memecoin sector is clearly contracting. Total market cap dropped from $85 billion to $65 billion, while 24-hour trading volume plunged from $17.2 billion to $5.5 billion.

That’s a $20 billion outflow in less than two weeks.

Pump.fun hasn’t been spared, but the pain runs deeper. It’s also losing market share to rivals like LetsBonk, whose dominance in Solana token launches surged from 12% to 80%. 

In effect, that crushed Pump.fun’s market share down to just 15%, aligning almost tick-for-tick with its revenue decay. Flow is clearly rotating hard, and right now, it’s flowing straight into LetsBonk.

To make matters worse, Pump.fun is facing legal heat. A class-action lawsuit filed in January 2025 accuses it of allowing “pump-and-dump” schemes through token launches and unregistered tokens.

Taken together, with memecoin hype fading, competitors gaining ground, and legal trouble building, this revenue drop doesn’t seem like a one-off. Pump.fun might have to fight hard to stay in the game.