Pump.fun daily revenue slips 16% as a study flags big wins

The quick take

Price: Pump.fun ($PUMP) trades at $0.00427 on CoinGecko as of 5:41 p.m. ET, almost flat over 24 hours.
Trigger: Daily revenue fell to $1.15 million from $1.37 million, the lowest of the last 16 daily readings on DefiLlama.
Watch: A Bitquery study, reported by CryptoSlate, finds that just 26% of big memecoin wallet profits looked like ordinary trading.

Pump.fun daily revenue fell to $1.15 million in DefiLlama’s latest 24-hour reading, taken at 5:41 p.m. ET on Sunday. That is 16% below the $1.37 million in the reading before it. Pump.fun ($PUMP) is the memecoin launch platform on Solana ($SOL).

The same weekend brought a new study on who really profits there. Its findings raise questions for anyone who copies the trades of big winning wallets.

What happened

Trading on the platform slowed along with revenue. Pump.fun’s trading volume fell to $119.1 million in the latest 24-hour reading, down 17% from $142.8 million, DefiLlama data shows.

The new revenue figure is the lowest of the 16 daily readings on DefiLlama’s chart. In the 15 readings before it, daily revenue ranged from $1.29 million to $1.69 million. Over the last seven days, the platform earned $10.05 million, and $46.6 million over 30 days.

PumpSwap, the platform’s own exchange, held $338.3 million in deposits, down 2.6% over seven days. It handled $112.7 million in trading volume in the latest 24-hour reading, according to DefiLlama.

The token itself barely moved. $PUMP traded at $0.00427 on CoinGecko, nearly unchanged over 24 hours. It sits about 52% below its record high of $0.00882, set in September 2025.

Why it moved

DefiLlama’s numbers do not give a reason for the drop. They do show a quiet Sunday across the whole chain. Total decentralized exchange volume on Solana fell to $1.42 billion in the latest 24-hour reading, from $2.00 billion before it, a 29% drop.

Pump.fun held up better than the chain as a whole. Its volume fell 17% while Solana’s fell 29%. As a result, its share of Solana’s exchange volume rose to about 8.4% from about 7.2%.

Together, Pump.fun and PumpSwap handled about $232 million of trading in the latest reading. That is roughly 16% of all exchange volume on Solana, per DefiLlama. Total deposits in Solana DeFi stood at $5.77 billion.

Who’s buying and selling

The study looks at the platform’s biggest winners. Bitquery, a blockchain data firm, reviewed 3,170 winning wallet-token positions, each showing a reported profit of $100,000 or more, CryptoSlate reported on Sunday. The positions ran from October 2025 to August 2026 and added up to $752.5 million in reported gains.

Only 26% of those gains passed Bitquery’s checks for normal market trading, according to CryptoSlate. About 51% came from wallets selling tokens they had received from other addresses rather than bought. Another 13% showed signs of possibly coordinated trading, and 10% could not be classified.

Bitquery also traced 1,104 profitable positions back to addresses linked to the token’s creator, CryptoSlate said. Those links ran either directly or through other wallets in between.

This matters for copy trading, where a tool repeats a wallet’s purchases. A wallet that gets its tokens by transfer leaves no purchase for followers to copy. Bitquery did not measure what copy traders actually earned, CryptoSlate noted. A transfer between two wallets of the same owner is also not proof of manipulation.

What to watch next

The next daily readings will show whether revenue recovers once weekday trading returns. In the 15 readings before this one, it never fell below $1.29 million.

PumpSwap deposits are a second gauge. They show how much money stays on the platform after tokens start trading there. Readers who follow big wallets may also want to check how those wallets got their tokens, not just what they sold.

Bottom line: Pump.fun daily revenue hit its lowest reading in more than two weeks, as a Bitquery study questions how many big memecoin wins came from ordinary trades.