Report: Daily Pump.fun registrations plunge from 183k to 33k as memecoin frenzy fades

Solana-based token launchpad Pump.fun, which rose in popularity for its instant creation and easy trading of viral memecoins, is revamping its fee-sharing model for creators to reignite trading incentives in 2026, following last year’s sharp drop in user participation and retention. Against this backdrop, a new data-driven report from BestBrokers examines the meteoric rise and subsequent downturn of memecoins in 2025.

For this report, the team at BestBrokers analysed top memecoins over the past 12 months using daily and monthly data from Dune Analytics, CoinMarketCap, and CoinGecko. Key metrics included user growth, token issuance, trading volume, and market capitalisation, allowing us to track adoption trends, liquidity, and speculative activity, and to identify the post-hype contraction phase of the market.

Data shows that Solana launchpad Pump.fun experienced a pronounced boom-and-bust cycle in 2025. Daily new users peaked at 183,189 on 23 January 2025, at the height of memecoin speculation, before falling to just 33,275 by early January 2026, an 82% decline from the peak. Recurring users saw an even sharper contraction, dropping from around 258,000 in late January 2025 to roughly 66,000 a year later, wiping out nearly three-quarters of the platform’s active user base. That said, there are early signs of renewed interest: Dune Analytics data shows daily sign-ups briefly exceeded 100,000 on 11 January 2026, a level not seen since early June 2025.

Other highlights from the report:

• Pump.fun user activity collapsed sharply in 2025. Daily new-user registrations peaked at 183,189 in January 2025 but fell to just over 33,000 by early January 2026, an 82% decline. This signals a major retreat in user participation following the sustained frenzy of new memecoin launches in early 2025.

• Daily active recurring pump.fun users dropped from roughly 258,000 at the January 2025 peak to around 66,000 by January 2026, indicating that nearly three-quarters of active participants did not remain engaged once speculative momentum faded.

• Token creation slowed as user demand weakened. Daily memecoin launches on Pump.fun peaked at approximately 72,000 in late January 2025 before falling to a low of 15,000-18,000 per day in September and October. While December saw a modest rebound, issuance remained far below early-year levels, suggesting market saturation rather than renewed growth.

• The platform’s slowdown mirrors the broader memecoin market unwind, with global memecoin market capitalization declining by roughly 61% over the same period. The global memecoin market cap has fallen from $93.1 billion in January 2025 to $36.5 billion by January 2026, despite the wider crypto market surpassing $3 trillion in market capitalization.

• Trading activity dried up alongside falling valuations. Memecoin trading volume peaked near $20 billion in mid-2025 but dropped below $3 billion by December, reinforcing that the decline in market capitalization was driven by reduced liquidity and participation, not short-term price volatility.

• The memecoin market remains heavily concentrated in a small number of long-established tokens. Dogecoin and Shiba Inu alone account for roughly 83.6% of total memecoin market capitalisation, with valuations of $25.3 billion and $5.2 billion, respectively, as of early 2026. By comparison, Pump.fun’s leading tokens, Pippin ($442 million), Fartcoin ($392.5 million), and Alchemist AI ($270.6 million) remain significantly smaller than their more established counterparts.

‘The data suggests that Pump.fun’s slowdown was not an isolated platform issue but a direct result of memecoins' post-hype unwind. As liquidity thinned and thousands of near-identical tokens flooded the market in 2025, fewer new users joined the platform, user retention weakened, and token creation slowed considerably. In this environment, speculative capital became more selective, concentrating around a small number of established tokens rather than cycling through new launches. This shift greatly reduced the incentive for rapid-fire token creation, which in turn reinforced the platform’s broader decline in activity throughout the year.’

- comments Paul Hoffman from BestBrokers.com.

The report was based on the latest data from Dune Analytics between January 2025-2026. Additional data on memecoin trading volume and market capitalization was collected from CoinMarketCap and CoinGecko.

Author: Paul Hoffman; Source: BestBrokers.com