Activity on the Pump Fun platform, known as the "Mem-Coin factory", has decreased significantly as overall interest in Mem-Tokenes has declined. According to Dune, the share of new tokens successfully completing the bonding curve fell to 0.16% in June compared to more than 2% in March. The total number of daily coin launches has decreased by 30% compared to spring. The platform’s daily revenue fell from $2 million in January to $800,000, and its trading volume dropped from $400 million at the beginning of the year to $100 million. The PUMP native token has lost 80% of its value since its launch in September 2025.

The total capitalization of the Mem-Khin segment has declined by nearly $8 billion in the last 30 days. Analysts associate the direction stagnation with the migration of traders on perpetual futures platforms such as Hyperliquid. They offer a similar level of ease of use, but for more predictable and liquid assets, as evidenced by record futures trading on SpaceX (SPCX) stock. On June 12, the day SpaceX went public, trading volume for its Hyperliquid perpetual contract (SPCX) reached $1.4 billion.