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What people are saying
This week the mood on X turned dark. One post said memecoins are over and that pump.fun destroyed them. Others said pump.fun is only there to siphon money from traders, or called it one of the worst stretches the trenches have had.
The week gave them material. On November 8 one wallet sold 62.6% of Big Titty Coin in 42 seconds and its market value went from about $9 million to about $14,000 (our report). The Ansem and Sahil Arora feud filled timelines with coins launched off a single reply.
So we checked. Not the vibes: the volume, the launches, the money and what happens to the coins. Two sources: DefiLlama's public data for the long view, and Anceta's own read of Solana for the last nine days.
The long view: 81% off the peak
Start with the honest part. The market is a fraction of what it was.
All trading on Solana's exchanges, memecoins and everything else, peaked at $314B in Jan 25. In October 2026 it was $61.0B. April, May and July 2026 were each under $60 billion, and October was barely above them.
Source: DefiLlama's public API, read on November 9, 2026.
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| Month | Volume (USD) |
|---|---|
| 2024-10 | $60.4B |
| 2024-11 | $158.5B |
| 2024-12 | $135.3B |
| 2025-01 | $313.9B |
| 2025-02 | $149.1B |
| 2025-03 | $80.0B |
| 2025-04 | $94.1B |
| 2025-05 | $130.0B |
| 2025-06 | $86.2B |
| 2025-07 | $124.9B |
| 2025-08 | $134.8B |
| 2025-09 | $142.1B |
| 2025-10 | $168.4B |
| 2025-11 | $123.4B |
| 2025-12 | $109.5B |
| 2026-01 | $139.9B |
| 2026-02 | $108.9B |
| 2026-03 | $84.8B |
| 2026-04 | $59.5B |
| 2026-05 | $58.6B |
| 2026-06 | $69.3B |
| 2026-07 | $56.8B |
| 2026-08 | $66.4B |
| 2026-09 | $79.2B |
| 2026-10 | $61.0B |
pump.fun's revenue tells the same story from the other side: $149.8M in Jan 25, then most months between $17 million and $45 million, with lows of $17.5M in July 2025 and $18.1M in June 2026.
pump.fun's odd October
Then something changed. pump.fun's revenue has more than doubled since June and reached $44.5M in October, its best month since May 2025.
Source: DefiLlama's public API, read on November 9, 2026.
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| Month | Revenue (USD) |
|---|---|
| 2024-10 | $30.5M |
| 2024-11 | $93.9M |
| 2024-12 | $82.9M |
| 2025-01 | $149.8M |
| 2025-02 | $73.6M |
| 2025-03 | $40.4M |
| 2025-04 | $49.6M |
| 2025-05 | $52.0M |
| 2025-06 | $41.2M |
| 2025-07 | $17.5M |
| 2025-08 | $41.1M |
| 2025-09 | $43.2M |
| 2025-10 | $28.4M |
| 2025-11 | $24.1M |
| 2025-12 | $23.5M |
| 2026-01 | $31.9M |
| 2026-02 | $25.6M |
| 2026-03 | $25.0M |
| 2026-04 | $21.4M |
| 2026-05 | $23.7M |
| 2026-06 | $18.1M |
| 2026-07 | $21.8M |
| 2026-08 | $36.7M |
| 2026-09 | $33.1M |
| 2026-10 | $44.5M |
Here is the odd part. Over the same months, trading on pump.fun's own exchange, PumpSwap, went the other way: from $20.0B in August to $9.1B in October, its lowest month since December 2025 and a third of its $27.8B peak in Jan 26.
More revenue from less trading suggests pump.fun is taking a bigger cut of each dollar. One new cut is public: since October 17 every trade in its web and mobile app pays a 0.45% Platform Fee, which we traced into the wallet that pays its callers. DefiLlama's totals don't say how much of October's revenue that fee was.
More money from less trading: the platform is taking a bigger slice of a smaller pie.
Nine days in the trenches
Now zoom in. Anceta reads every coin launched on Solana and every hour of its trading. Here are the nine days from Oct 31 to Nov 8.
The trenches are busy: about $365 million a day changed hands in coins launched since October 30, with a high of $489 million on November 3. pump.fun alone saw between 35,969 and 48,805 new coins a day.
What changed is who gets the trading.
Oct 31$304M
Nov 1$300M
Nov 2$357M
Nov 3$489M
Nov 4$469M
Nov 5$372M
Nov 6$292M
Nov 7$328M
Nov 8$374M
- pump.fun
- Meteora bonding curve
- Other launchpads
Source: Anceta, from its own reading of Solana, October 31 to November 8, 2026.
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| Day | Total | pump.fun | Meteora DBC | Other |
|---|---|---|---|---|
| 2026-10-31 | $304M | $256M | $42.7M | $5.3M |
| 2026-11-01 | $300.2M | $278.1M | $15M | $7.1M |
| 2026-11-02 | $357.1M | $291M | $52.5M | $13.6M |
| 2026-11-03 | $489.3M | $320.1M | $153.1M | $16.1M |
| 2026-11-04 | $468.7M | $328.1M | $126.7M | $13.9M |
| 2026-11-05 | $372M | $256.1M | $105.8M | $10.1M |
| 2026-11-06 | $292.2M | $240.5M | $37.7M | $14M |
| 2026-11-07 | $327.5M | $219.4M | $91.6M | $16.5M |
| 2026-11-08 | $374.1M | $193.3M | $158.6M | $22.2M |
On Nov 1 pump.fun's coins took 92.6% of the volume. On Nov 8 they took 51.7%. Most of the rest went to coins launched on Meteora's Dynamic Bonding Curve, the engine behind several rival launchpads: $158.6M on Nov 8, from about 2,100 new coins that day against pump.fun's 36,000.
The six most-traded new coins of November 8 all launched on Meteora's curve, among them coins named after Ansem and after sling. pump.fun's best that day came seventh.
pump.fun's launches peaked on Nov 4 at 48,805 and fell to 35,969 by Nov 8, down 26%.
The rivals
Volume is moving. Money, much less. Over the 30 days to November 8, DefiLlama counts these launchpad revenues on Solana:
- pump.fun$36.06M
- StonkFun$3.19M
- BONK.fun$1.48M
- Graphite Protocol$0.99M
- OTC$0.72M
- LaunchLab$0.48M
- Meteora DBC$0.31M
- Bags$0.15M
Source: DefiLlama's public API, read on November 9, 2026.
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| Launchpad | Revenue, 30 days |
|---|---|
| pump.fun | $36.06M |
| StonkFun | $3.19M |
| BONK.fun | $1.48M |
| Graphite Protocol | $0.99M |
| OTC | $0.72M |
| LaunchLab | $0.48M |
| Meteora DBC | $0.31M |
| Bags | $0.15M |
pump.fun takes about 83% of it. Meteora's curve moves a lot of volume but keeps little for itself ($0.31M): the launchpads built on it keep their own fees.
Rivals have flared before. BONK.fun made $20.1M in Jul 25, StonkFun $28.7M in Sep 26; both fell back within a month (StonkFun to $7.0M in October). The newest, float, isn't in DefiLlama's tables yet, but on Anceta's count its coins went from 433 launches and $5.5 million of trading on November 2 to 1,461 launches and $16.4 million on November 8.
Where the money goes
Busy is not the same as healthy. Three numbers from inside the trenches:
It's all brand new
88% of the trading went to coins less than a day old. A coin's market is mostly its first hours.
It's bunching up
The 10 most-traded coins took 12.7% of the day's volume on Nov 1 and 33.7% on Nov 8; the top 100 went from 41.5% to 60.5%. Fewer coins draw more of the money.
- Oct 319.5%
- Nov 112.7%
- Nov 218.6%
- Nov 333.8%
- Nov 425.3%
- Nov 530.3%
- Nov 617.5%
- Nov 725.9%
- Nov 833.7%
Source: Anceta, from its own reading of Solana, October 31 to November 8, 2026.
Show the numbersHide the numbers
| Day | Top 10 | Top 100 | Coins over $1M traded |
|---|---|---|---|
| 2026-10-31 | 9.5% | 37% | 42 |
| 2026-11-01 | 12.7% | 41.5% | 39 |
| 2026-11-02 | 18.6% | 41.3% | 38 |
| 2026-11-03 | 33.8% | 52.5% | 38 |
| 2026-11-04 | 25.3% | 49.2% | 58 |
| 2026-11-05 | 30.3% | 51.7% | 41 |
| 2026-11-06 | 17.5% | 39.6% | 26 |
| 2026-11-07 | 25.9% | 48.1% | 30 |
| 2026-11-08 | 33.7% | 60.5% | 45 |
Most winners don't last
1,268 pump.fun coins launched in the nine days reached a $100,000 market value. By November 9, 1,046 of them had rugged and 176 were still trading as survivors.
Reaching $100,000 is where a coin looks like it's working. For more than four in five, it was the top.
The claims, checked
- Contradicted
“Memecoins are over” and pump.fun destroyed them (@W0LF0FCRYPT0 on X).
Smaller, not over: about $365 million a day still trades in new coins, and about 36,000 to 49,000 pump.fun coins launch each day. Solana DEX volume is down 81% from its peak.
- On chain
2,493 pump.fun coins hit $100k in a week, and 90% are dead (@the_smart_ape, November 3).
Our count is lower (definitions differ): 1,268 pump.fun coins launched in nine days reached $100k. The share holds: 82.5% had rugged.
- On chain
pump.fun siphons money from traders (@MogzFun and others).
Its money does come from traders' fees, charged openly: DefiLlama counts $329 million of revenue over the last year, and the app adds a 0.45% fee per trade since October 17.
- On chain
BONK.fun and StonkFun briefly competed with pump.fun, then faded (@jussy_world, November 8).
BONK.fun out-earned pump.fun in Jul 25 ($20.1M to $17.5M); StonkFun came close in Sep 26 ($28.7M to $33.1M). Both fell back within a month.
- Unknown
float already earns more than StonkFun (@the_smart_ape, November 8).
float isn't in DefiLlama yet. Its coins' trading tripled in a week on our count.
So, are memecoins dead?
No. But it isn't 2025 anymore.
The market is about a fifth of its peak. What's left is fast, concentrated and brutal: almost all the money chases coins in their first day, a few coins take a growing share, and most of the ones that break out don't last.
pump.fun is still the biggest earner by far, and earning more per dollar traded. But for the first time in months, its coins aren't where most of the trading is.
How we read it
Long view. Monthly sums of DefiLlama's daily series, read through its public API on November 9, 2026: Solana DEX volume (all tokens), revenue for pump.fun, StonkFun and BONK.fun, and PumpSwap volume. The 30-day launchpad table is DefiLlama's Launchpad category on Solana.
Nine days. Anceta's own read of Solana: every coin launched from October 31 to November 8, 2026, by launchpad, and the hourly trading of every coin launched since October 30, when that record starts. Hours with implausibly large average trades are left out. Volume here means coins launched in the window, not older memecoins.
Outcomes. “Rugged” and “survivor” are Anceta's outcomes as of November 9; coins launched last have had the least time.
Claims. Posts on X from November 3 to 8, 2026, quoted by their authors' handles.
Sources
- 1.DefiLlama, Solana. DEX volume
- 2.DefiLlama, pump.fun. revenue
- 3.DefiLlama, PumpSwap. volume
- 4.DefiLlama, launchpads
- 5.pump.fun, Fees. the 0.45% Platform Fee
Related research
Pattern analysis, not financial advice. Similar coins can behave differently.