Author: Frank, PANews

On March 8, Pump.fun's cumulative revenue surpassed $1 billion, making it the first platform on Solana to reach this milestone, firmly establishing itself as the most notable money printer in the MEME track. However, as the excitement fades, the question is no longer simply “who earned the most,” but rather how much business remains for these platforms that started with MEME.

Looking at leading ecological projects such as Pump.fun, GMGN, Four.meme, Axiom, and Photon, BullX, and BONK, the answer is becoming increasingly clear: MEME has not disappeared; business is simply concentrating among the top players, with differentiation between chains and platforms becoming more pronounced.

Pump.fun: The "Absolute Oligopoly" That Survives Bull and Bear, But Struggles to Retain Profits

If the last round of MEME frenzy was a 24/7 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 cumulative revenue has surpassed $1 billion. Specifically, 2024 contributed about $321 million, while 2025 further amplified this to about $664 million. Starting in 2026, the MEME industry experienced a serious decline, but the impact on Pump.fun seems to be minimal, as it still has approximately $98.3 million in revenue to date.

From the market structure perspective, Pump.fun's dominant position within the Solana ecosystem has been further strengthened. Taking March 15 data as an example, the number of tokens created by Pump.fun accounted for 99.1%, with the graduation token ratio at 94.8 and daily trading volume's share at around 93%. On that day, Pump.fun issued 24,938 tokens, while LetsBonk issued only 132, Bags issued 50, and Moonshot issued 28, with daily data from other token launches completely unable to compete with Pump.fun.

Looking back at the data specifically for Pump.fun, it has maintained a certain high standard. In the last two weeks, rough calculations show that Pump.fun's current daily token issuance is about 29,700 tokens, with daily active wallets around 157,700, daily transaction volume at approximately $93.65 million, and daily income at about $870,000. Meanwhile, the long-criticized graduation rate of the platform has also shown signs of recovery, recently rising to about 1.70%. Although the specific reasons behind this short-term peak have not been determined, Pump.fun's graduation efficiency is indeed warming up.

However, while revenue generation remains steady, this does not mean that all this income can be fully retained as protocol profit for Pump.fun. Firstly, more than half of the fees are given to creators and LPs. Secondly, the remaining income is also used for token buybacks. In the first quarter of 2026, Pump.fun generated a total of $227 million in fees, of which $123 million was distributed to creators and LPs, and nearly all of the remaining $100 million was used for token buybacks.

The problem is that buybacks have not automatically translated into a rise in token prices. As of March 16, the price of PUMP is about $0.002, which is still approximately 76.21% lower than its historical high of $0.0088. A more reasonable explanation is that buybacks can only act as a support and maintain the narrative, but are not sufficient to reverse the overall valuation compression trend in the MEME sector. In other words, Pump.fun's cash flow machine remains in high-speed operation, but the market is no longer willing to give it a higher valuation multiple simply because it "makes money," as it did in the previous round of excitement.

In summary, for Pump.fun, the market structure remains relatively stable. Although the entire meme coin track is declining, the competitors are essentially dying off, further strengthening Pump.fun's dominance. If this market can experience another outbreak, Pump.fun may absorb even greater benefits.

GMGN: Quarterly Revenue Increased Fivefold, BSC Becomes the "New Traffic Champion"

GMGN’s revenue saw explosive growth in the first quarter of 2026. Total revenue for the first quarter of 2026 reached $25.31 million, nearly five times higher than the $5.64 million in the fourth quarter of 2025. This quarterly revenue is also the second highest single-quarter revenue in GMGN's history (only lower than the $40.81 million in the first quarter of 2025).

Analyzing this revenue structure closely, it mainly benefited from the BSC chain. Since October 2025, GMGN's transaction volume on the BSC chain has clearly exceeded that on Solana, and by 2026 this trend has stabilized. Currently, transactions on the BSC chain account for nearly three times that of the Solana chain within GMGN.

From the overall transaction volume perspective, GMGN’s user activity and transaction volume have seen a certain improvement in the first quarter of 2026, though the increase is not as significant as the revenue change indicates. Therefore, from this angle, the revenue increase for GMGN in the first quarter of 2026 definitely exists, but the explosive growth may likely be due to statistical issues on DefiLlama (with no revenue data from the BSC chain before October 2025).

This growth mainly stemmed from a surge in MEME transaction volume on the BSC chain in January, generating total chain revenue of $16.34 million, which dropped to $5.18 million in February, and currently stands at approximately $3.77 million in March. The overall level for the first quarter this year is close to that of the same period in 2025.

Four.meme: The "Showcase" on BSC, Daily Revenue Just a Fraction of its Peak

If Pump.fun has almost absorbed most of the launch platform traffic on Solana, then the closest counterpart to this 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, significantly lower than the $54.24 million in the fourth quarter of 2025, but from the monthly revenue fluctuations this year, there is still a slight recovery.

According to the visible data tracked by Dune over the last ten days, Four.meme has an average daily issuance of about 4,858 tokens, with approximately 5,749 average users, and only an average of 25.7 tokens truly listed on DEX Pancake, with a further short-term graduation rate dropping to about 0.53%. From these data changes, it appears that Four.meme is currently operating at a low level, with current revenues having dropped to the range of $20,000 to $30,000 compared to the peak daily average of $4.22 million in October 2025.

In contrast, recent data estimates for Pump.fun in the last two weeks show an average daily issuance of about 29,700 tokens and an average daily transaction volume of about $93.65 million. Clearly, as the main battleground for MEME coins on Solana and BSC, Four.meme and Pump.fun have significant differences in scale and token quality, reflecting the MEME development situation on the two chains.

Axiom: Farewell to High Growth, Continuously Stuck in Declining Volume

If GMGN's growth in the first quarter of 2026 seems to be enjoying the benefits of BSC's rotation, then the situation for Axiom is almost the opposite.

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

However, Axiom's current problem is that its business is in a continuous decline. According to quarterly revenue data from DeFiLlama, Axiom's protocol revenue once reached $133 million and $150 million in the second and third quarters of 2025, respectively, but fell to $60.66 million in the fourth quarter of 2025, and is currently at $29.03 million for the first quarter of 2026. Compared to last year's most frenzied phase, the business scale has noticeably shrunk. In comparison with GMGN, it can be seen that although both are in the declining phase after a peak, GMGN's revenue still experiences occasional rebounds, while Axiom's condition seems to have failed to recover.

For Axiom, it is no longer a tool that solely relies on the explosion of the MEME craze but more like a mature trading machine that has been tested through multiple market cycles. Compared to GMGN, which still discusses growth elasticity, Axiom's room for imagination seems to be shrinking.

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

In contrast to GMGN, which still has rebounds, and Axiom, which maintains a leading scale, the income curves of Photon, BullX, and BONKbot have more distinctly entered a downward phase in 2026.

According to DeFiLlama data as of March 16, Photon’s cumulative revenue is approximately $438 million, but its quarterly revenue has dropped starkly from $122.8 million in the first quarter of 2025, successively falling to $32.31 million in the second quarter, $18.99 million in the third quarter, $5.29 million in the fourth quarter, and only $4.52 million for the first quarter of 2026 to date, presenting an almost stepwise plunge trend.

BullX’s cumulative revenue is about $203 million, but it is also experiencing rapid shrinkage, with quarterly revenue dropping from $87.37 million in the first quarter of 2025 to $14.25 million in the second quarter, $3.86 million in the third quarter, and $878,000 in the fourth quarter, with only $491,000 for the first quarter of 2026 to date.

BONKbot's decline is relatively less steep, but it also shows clear signs of retreat. According to DeFiLlama data, its cumulative revenue is approximately $93.57 million, with single-quarter revenue in the first quarter of 2025 at $12.61 million, falling to $3.40 million in the second quarter, $2.85 million in the third quarter, and $1.85 million in the fourth quarter, with only $1.84 million for the first quarter of 2026 to date.

However, the BONK ecosystem itself has not simultaneously stalled. To date, BONK.fun's protocol revenue for the first quarter of 2026 is about $8.51 million, already higher than $7.06 million in the fourth quarter of 2025. Of this, about $6 million for the current quarter comes from Bonk.Fun and approximately $1.84 million from BonkBot.

Looking at this MEME coin large-scale retreat, we can easily draw a conclusion: the MEME track has not headed towards extinction; rather, the era of chaotic competition has completely ended, and the pace of reshuffling far exceeds everyone’s imagination.

After the tide goes out, the platforms that truly remain are no longer just those who ran fast, but rather those who have completed the entire closed loop of launching, trading, liquidity, and charging. If the next round of MEME market ignites again, the ones who will likely reap the most benefits will still be them.

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