PumpFun is making millions from a market where 81% of memecoins crashed 90%

Pump.fun, a leading Solana token launchpad, keeps generating millions of dollars from memecoin trading even as most established tokens struggle to recover from steep losses. The platform produced about $18.6 million in protocol revenue over the seven days through Oct. 7, according to DefiLlama data. Separately, a Talos study found that 81% of a selected group of memecoins had fallen at least 90% from their all-time highs, and recoveries from deep collapses were rare. The contrast exposes a central fault line in the memecoin economy: trading across Pump.fun can enrich the platform, support PUMP buybacks, or reward selected users without necessarily helping someone holding a token whose demand has already disappeared.