Crypto: Pump.fun Earns $18.6M Despite Memecoin Slump

According to data published by DefiLlama on October 9, 2026, Pump.fun generated $18.64 million in crypto protocol revenue over seven days. Earlier, a study conducted by Coin Metrics reveals that 81% of memecoins have lost at least 90% of their value since their peak. The crypto token launch platform on Solana charges fees on every trade, whether the crypto asset rises or not. According to our calculations, it retains about one third of that.

Why does the crypto platform Pump.fun make money when memecoins fall?

Because Pump.fun is paid on every crypto transaction, not on the token value. Over seven days, traders paid $52.5 million in fees. The protocol kept $18.64 million, or 36% (Cointribune calculation based on DefiLlama data).

Note that a crypto trader who sells a token at a loss to buy another generates new fees.

For its part, Pump.fun announces in a newsletter published on October 5, 2026, $16.32 million in protocol fees from September 28 to October 4. This represents a 20% increase in one week.

What does the Coin Metrics study reveal about memecoins?

Recently published crypto data by Coin Metrics clearly show:

• 81% of the 150 memecoins analyzed have lost at least 90% from their all-time high;
• only 5 digital assets have recovered it.

Recovery essentially does not occur.

Victor Ramirez, Senior Data Scientist, Coin Metrics, report dated October 6, 2026 (translated from English)

However, beware! This figure does not measure losses of crypto traders nor all Pump.fun tokens. The sample only includes assets listed on centralized platforms, which overestimates a token launch’s lifespan.

Do memecoin holders benefit from gains of the crypto platform Pump.fun?

Not automatically. Since September 12, new tokens can redistribute their fees to holders with more than $20, without guaranteeing compensation for a declining token. The Pump.fun crypto platform devotes 50% of its revenue to buybacks and burning of PUMP. A recent publication shows the protocol has actually been overtaken by a social trading app.

Even PUMP (like TRUMP and PENGU) is worth less than at its launch on crypto exchanges, according to Coin Metrics.

One thing is certain: Pump.fun’s revenues follow the rotation of crypto traders, not the rise of already launched tokens. The next dated test: Pump.fun’s weekly newsletter, expected around October 12, 2026. It will indicate if the $16.32 million for the week ending October 4 is confirmed.