Pump.fun’s rewards overhaul arrives during a sharp revenue slowdown. The platform generated $31.8 million in fees in January — a 75.6% drop from the $148.1 million recorded in January 2025, its strongest month ever. February revenue is trending even lower, signaling cooling activity across the memecoin ecosystem.

Criticism has also mounted over uneven profit distribution. Data from Dune Analytics shows that out of 58.7 million wallets interacting with Pump.fun, only a fraction have posted substantial profits, with fewer than 13,700 wallets reaching millionaire status. Meanwhile, other platforms are stepping back from creator reward systems altogether — on Feb. 10, Coinbase’s Base app shut down its Creator Rewards program after paying out roughly $450,000 over seven months. Whether Pump.fun’s trader-focused pivot reinvigorates engagement or dampens developer incentives remains to be seen.