Written by: Frank

On March 8, Pump.fun's cumulative revenue surpassed 1 billion dollars, making it the first platform on Solana to reach this milestone, and firmly established as the most prominent money printer in the MEME track. However, as the frenzy subsides, the issue is no longer simply "who earns the most," but how much business these platforms, originally built on MEME, still have left.

Looking at top ecological projects like Pump.fun, GMGN, Four.meme, Axiom, as well as Photon, BullX, and BONK, the answer is becoming increasingly clear: MEME has not disappeared, but business is increasingly concentrated at the top, with a growing differentiation between chains and platforms.

Pump.fun: The "Absolute Oligarch" Across Bull and Bear Markets, Over 100 Million Profits But Hard to Retain

If the last MEME frenzy was an incessant gold rush, then Pump.fun is undoubtedly the most profitable toll booth in this gold rush town. Public data shows that as of March 2026, Pump.fun's total revenue has already surpassed 1 billion dollars. Among this, 2024 contributed about 321 million dollars, and 2025 further amplified to about 664 million dollars. Starting in 2026, the MEME industry faced a severe decline, but Pump.fun's impact seems relatively small, with about 98.3 million dollars in revenue still.

From the market structure perspective, Pump.fun's dominating position in the Solana ecosystem has been further strengthened. According to data from March 15, the proportion of Pump.fun token creations reached 99.1%, the graduation token ratio was 94.8, and the daily transaction volume took up about 93%. On that day, Pump.fun created 24,938 tokens while LetsBonk only had 132, Bags had 50, Moonshot had 28, and the daily data volume of other token launches was completely unable to compete with Pump.fun.

Looking back at Pump.fun's own data, it has also remarkably maintained a certain high level. In the last two weeks, rough calculations show that Pump.fun's current daily average token creation is about 29,700, with a daily average of active wallets at about 157,700, a daily average transaction amount of about 93.65 million dollars, and a daily average income of about 870,000 dollars. Meanwhile, the long-considered weak point of the platform, the graduation rate, has shown signs of recovery, recently even surging to around 1.70%. Although the specific reasons for this short-term peak have yet to be determined, Pump.fun's graduation efficiency is indeed warming up.

However, while the fee generation remains solid, this does not mean that all these revenues can entirely settle into protocol profits for Pump.fun. Firstly, more than half of the fees are handed over to creators and LPs. Secondly, besides the income going to creators, the remaining revenue is also used for token buybacks. In the first quarter of 2026, Pump.fun generated fees totaling 227 million dollars, of which 123 million dollars were distributed to creators and LPs, and nearly all of the remaining 100 million dollars were used for token buybacks.

The issue, however, is that buybacks do not automatically translate into price increases. As of March 16, the price of PUMP was about 0.002 dollars, still approximately 76.21% lower than its historical high of 0.0088 dollars. A more reasonable explanation is that buybacks can only provide a floor and maintain the narrative, but are insufficient to reverse the valuation compression trend of the entire MEME sector. In other words, Pump.fun's cash flow machine is still running at high speed, but the market is no longer willing to assign it a higher valuation multiple merely because "it can make money" as it did in the last round of frenzy.

To summarize, for Pump.fun, the market landscape remains relatively stable. Although the entire meme coin track is experiencing a decline, it is primarily the competitors that have fallen, which in turn strengthens Pump.fun's dominance. If this market can see another explosion, Pump.fun could potentially reap even greater benefits.

GMGN: Quarterly Revenue Grows Fivefold, BSC Becomes a "New Contender" for Traffic

GMGN's revenue surged once again in the first quarter of 2026. Total revenue for the first quarter of 2026 reached 25.31 million dollars, nearly five times the 5.64 million dollars in the fourth quarter of 2025. This quarter's revenue also marks GMGN's second-highest single-quarter revenue in history (only lower than the 40.81 million dollars in the first quarter of 2025).

Upon closely examining this revenue structure, the main contributor was the BSC chain, where, starting in October 2025, GMGN's trading volume on the BSC chain notably surpassed that on Solana. By 2026, this trend has stabilized. Currently, trades on the BSC chain account for nearly three times those on the Solana chain on GMGN.

In terms of overall trading volume, user activity and trading volume for GMGN in the first quarter of 2026 have seen a certain increase, but this increase does not appear to be as high as suggested by the revenue changes. Therefore, from this perspective, revenue for GMGN in the first quarter of 2026 indeed increased, but the explosive growth is likely a result of statistical issues with defilama (the revenue data for the BSC chain prior to October 2025 was empty).

However, this growth primarily stemmed from a surge in MEME trading volume on the BSC chain in January, with the monthly revenue reaching 16.34 million dollars. This figure dropped to 5.18 million dollars in February, and as of March, it is approximately 3.77 million dollars, bringing the overall level for this quarter close to that of 2025 during the same period.

Four.meme: The "Facade" on BSC, Daily Revenue Only a Fraction of Peak

If Pump.fun has almost consumed the majority of traffic on the Solana launch platform, then the closest equivalent role on BSC is Four.meme.

DeFiLlama data shows that as of March 16, Four.meme's protocol revenue for the first quarter of 2026 has reached 16 million dollars, significantly lower than the 54.24 million dollars in the fourth quarter of 2025, but there is still a slight recovery from this year's monthly revenue changes.

According to visible data tracked by Dune over the past 10 days, Four.meme has a daily average token creation of about 4,858, a daily average user count of about 5,749, and only about 25.7 tokens are actually launched on DEX Pancake per day, while the short-term graduation rate has dropped further to around 0.53%. From these data changes, it seems that Four.meme is currently in a low operation state, with current revenue dropping to a level between 200,000 to 300,000 dollars compared to the peak daily average revenue of 4.22 million dollars in October 2025.

In comparison, the rough data estimates for Pump.fun in the last two weeks show that its daily average token creation remains at about 29,700, with a daily average transaction amount of about 93.65 million dollars. Clearly, as the major battlefield for MEME coins on both Solana and BSC, there is a significant gap between Four.meme and Pump.fun in terms of scale and token quality, reflecting the development situation of MEME on the two chains.

Axiom: Farewell High Growth, Continuing to Sink in the Volume Pit

If GMGN's growth in the first quarter of 2026 seemed more like benefiting from the rotation of BSC, Axiom's situation is almost the opposite.

According to DeFiLlama data, as of now, the protocol's revenue in the first quarter of 2026 is about 29.03 million dollars, higher than GMGN's 25.31 million dollars during the same period.

However, Axiom currently faces the problem of sustained decline in its business. According to DeFiLlama's quarterly revenue data, Axiom’s protocol revenue reached as high as 133 million dollars and 150 million dollars in the second and third quarters of 2025, respectively, but fell back to 60.66 million dollars in the fourth quarter of 2025, and as of now in the first quarter of 2026, it has reached only 29.03 million dollars. Compared to the wildest phases of last year, the business volume has clearly contracted. In contrast to GMGN, which still experiences periodic rebounds, Axiom's state appears not to be able to recover again.

For Axiom, it has become no longer merely a tool riding on the MEME frenzy but more like a mature trading machine tested by multiple market cycles. Compared to GMGN, which still talks about growth elasticity, Axiom's imaginative space seems to be shrinking.

Photon, BullX, and BONK: "Laggers" After the Tide Goes Out

In contrast to the still rebounding GMGN and the still maintaining top scale Axiom, the revenue curves for Photon, BullX, and BONKbot have more clearly entered a downward interval in 2026.

According to DeFiLlama data as of March 16, Photon's cumulative revenue is about 438 million dollars, but its single-quarter revenue has dropped from 122.8 million dollars in the first quarter of 2025 to 32.31 million dollars in the second quarter, 18.99 million dollars in the third quarter, 5.29 million dollars in the fourth quarter, and only 4.52 million dollars in the first quarter of 2026, showing a nearly stair-step falling trend.

BullX has cumulative revenue of about 203 million dollars but also shows rapid contraction, with single-quarter revenue decreasing from 87.37 million dollars in the first quarter of 2025 to 14.25 million dollars in the second quarter, 3.86 million dollars in the third quarter, 878,000 dollars in the fourth quarter, and only 491,000 dollars in the first quarter of 2026.

The decline of BONKbot is relatively less steep but has also clearly receded. According to DeFiLlama data, its cumulative revenue is about 93.57 million dollars, with single-quarter income in the first quarter of 2025 being 12.61 million dollars, later dropping to 3.4 million dollars in the second quarter, 2.85 million dollars in the third quarter, 1.85 million dollars in the fourth quarter, and only 1.84 million dollars in the first quarter of 2026.

However, the BONK ecosystem itself has not synchronously hit the brakes. So far, BONK.fun's protocol revenue in the first quarter of 2026 is about 8.51 million dollars, already higher than the 7.06 million dollars in the fourth quarter of 2025. Among this, about 6 million dollars in the current quarter comes from Bonk.Fun and about 1.84 million dollars from BonkBot.

Overall, in this escape from MEME coins, we can easily draw a conclusion: the MEME track has not headed towards extinction, but rather, the era of chaotic competition has completely ended, with the reshuffling speed exceeding everyone's expectations.

After the tide goes out, the truly remaining platforms are no longer just those who run fast, but rather those who have turned the launch, trading, liquidity, and fee links into a complete closed loop. If the next round of MEME trends is sparked again, the ones who probably benefit first will still be them.

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