Pump.fun’s newly introduced “Mayhem Mode” has failed to deliver the surge in activity or revenue the platform hoped for in its first week, according to early data. The feature, launched to speed up initial price discovery of newly created tokens, allows a self-governing AI trading agent to randomly buy and sell a new coin within its first 24 hours, using an additional 1 billion tokens specially minted for the agent.
After the trading session ends, any tokens that the agent has not used are destroyed. Although the process is designed to facilitate token recognition during the very first trades, the initial performance hardly changed the platform’s dynamics.
Pump was just a few hours away from Mayhem Mode and on average there were 17,300 new token launches per day. Once the feature was rolled out, the daily number of launches only went up slightly to 17,800, which is a very minor change and the new setting has not yet led to a considerable increase in user activity.
Concretely, analysts believe the sample size to still be small and that the timing effects may be causing the behavior of the people; however, their first impression is that Mayhem hasn’t significantly increased the number of creators. Even though the update has been talked about a lot, the platform’s launch friction has remained at the same level, which means that the feature is mainly impacting visibility rather than lowering the token creation barriers.
While there has been a slight increase in token launches, the daily revenue of Pump has been declining over the last week, which is going to negatively affect PUMP’s buyback operations. As the platform is able to generate Pump revenue mainly from token creation fees and bonding curve activities, a drop in the top-line performance directly puts the brake on the buyback operations that would otherwise be used to stabilize the PUMP token.
At present, the market cap of PUMP is around $1.1 billion, thereby it is almost 30% lower than the record high it achieved two months ago. The Mayhem Mode’s lukewarm reception has left the market wondering whether more enhancements—such as better curation, ranking systems, or scheduled Mayhem blocks—will be required to actually realize the benefits. At present, the feature acts as a very moderate form of platform-provided market making without being a growth accelerator.
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