Pump.fun (PUMP) has emerged as one of the most dominant applications on Solana, accounting for more than one-third of the network’s application revenue in the first quarter. This performance comes at a time when memecoin activity across the ecosystem has cooled significantly, with lower trading volumes and reduced retail participation compared to previous peaks. Despite the slowdown in speculative momentum, Pump.fun has continued to generate consistent fees through its token launch and trading mechanism. The platform’s activity highlights how a single application can still carry a large portion of network revenue even during a broader contraction in market enthusiasm. Strong revenue share in a cooling market A recent Messari Solana Q1 report shows that Pump.
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