Memecoins are bleeding. The memecoin factory just had its best month since March 2025. ★ The coins (@coingecko) → The meme category is worth ~$31.0B, about 1.1% of the whole crypto market. → 7 of the 8 largest memes are down over 30 days: $DOGE −13.8%, $SHIB −11.9%, $PEPE −5.5%, $TRUMP −11.5%, $PENGU −4.5%, MemeCore −48.8%. → Most are far from their highs: DOGE −89%, SHIB −94%, PEPE −83%, TRUMP −97%. → The only one up is $PUMP, +15.0%. ★ The factory (@DefiLlama) → Pumpfun took in $62.6M in fees over the last 30 days, +37% on the 30 days before. That's its best 30-day stretch since March 2025. → Its launchpad earned $45.4M in that time. The next one, BONK(.)fun, earned $3.7M. That's ~89% of tracked launchpad revenue. → $30.8M of pump revenue went to PUMP buybacks in 30 days. Annualized, that's ~16% of PUMP's $2.34B market cap. → On DefiLlama's weekly comparison, pump(.)fun out-earned @HyperliquidX in 2 of the last 4 weeks. → Caveat: fees come from churn, and most new launches go to zero. Buybacks shrink when volume drops. And 54% of PUMP's supply isn't circulating yet (FDV $4.19B). The coins are down and the platform is printing. Is this a meme cycle, or just a busy casino?