Pump.fun’s daily revenue fell from about $3.2 million in late August to the low-$1 million range recently, according to Blockworks product revenue charts posted Sept. 5. The figures combine revenue from the Solana-based memecoin issuance platform and its PumpSwap and Terminal trading services. Blockworks researcher Kunal Goel said trading activity is shifting to Robinhood Chain and other token issuance platforms on Solana as Pump.fun’s revenue declines. He added that venues offering trading pairs between memecoins and stock tokens are attracting new demand, expanding competition beyond basic memecoin issuance and trading. Robinhood Chain is a Layer 2 blockchain separate from Solana, while decentralized exchanges such as Uniswap provide trading infrastructure for the broader market.