They were said to be dying. Engulfed by the crisis shaking the crypto industry. The memecoins smelled scorched. However, Pump.fun has just brought out the big guns. The Solana platform changes the rules of the game. Gone are the days of creators who make money without working: make way for traders. A 180-degree turn that rocks the crypto-sphere. Explanations.
In brief
- Pump.fun has changed its rules so that creators pay their fees back to traders instead of pocketing them.
- The platform's revenues collapsed from $148 million in January 2025 to $31.8 million a year later.
- Out of 58.7 million wallets, fewer than 13,700 users have become millionaires on Pump.fun.
- PUMP spot volume jumped 56% in 24 hours after the Cashback Coins announcement.
The Pump.fun revolution: end of privileges for ghost creators
Pump.fun opened its eyes after the launch of Pump Fund. Of its 58.7 million wallets, a tiny part really took advantage of the system. The figures fall like a chopper: 4.76 million won between $1,000 and $10,000. Fewer than 13,700 became millionaires. Meanwhile, ghost creators were piling up the fees without contributing anything. The platform therefore decided to react.
“ Not all tokens deserve Creator Fees “, balances Pump.fun on X. ” However, many tokens succeed without a team or project manager, disproportionately rewarding deployers who do not deserve the fees. »
Concretely, creators must now choose before launch. Either they keep the 0.3% fees or they pay them back in full to traders. An irrevocable decision that leaves the market to decide.
Memecoins in crisis: the collapse of fees that changed everything
This shift is not a whim. It's a matter of survival, pure and simple. In January 2025, Pump.fun collected $148.1 million in fees. An absolute record in the history of memecoins. In January 2026, more than 31.8 million. The fall is dizzying: less 75.6% in one year. February follows the same worrying slope. The urgency is there, raw, relentless.
CEO Alon admitted in January: the old system encouraged low-risk tokens, not real trading. You had to change or die. So Pump.fun changes its strategy. And try to restart the machine with Cashback Coins. The first effects are already visible. PUMP spot volume jumped 56% in 24 hours.
110 million dollars passed through the platform. Traders come back to sniff out a good deal. But the path remains strewn with pitfalls.
Cashback Coins: the bold bet that divides the crypto community
There remains a major unknown: will it really work? The community is asking questions. Coos, a well-known X user, poses the annoying question :
Won't this reduce incentives for devs? Devs will have less reason to push coins over time, because the most lucrative time is when the coins are still on pf. Let's hope not to see more quick farms than we already have.
With fewer fees, will creators still launch memecoins? Or will we see an explosion of express farms to grab cashback? The PUMP token gives contradictory signals. At $0.002179, it is compressing below a bearish line. Volumes are picking up again, but the RSI remains below 50. Buyers have not regained control. The bet is on. Verdict in the coming weeks.
The state of play of Pump.fun in figures
- 58.7 million: number of wallets that have interacted with the platform;
- Only 13,700 have reached millionaire status on Pump.fun;
- -75.6%: the dizzying drop in fees between 2025 and 2026;
- $0.002179: the price of the PUMP token at the time of writing;
- 56%: the increase in spot volume in 24 hours after the announcement of Cashback Coins.
As for the suspicions of cash out on Kraken which agitated the community, answers have already been provided by the team. Pump.fun remains at stake for its future in this troubled period. Its new model appeals to traders, but angers some creators. Will he find the magical balance? The survival of memecoins may depend on it. The crypto industry is holding its breath.
Maximize your Tremplin.io experience with our 'Read to Earn' program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
