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Fomo Reports 59% Decline in Weekly Revenue Amidst Crypto Market Slowdown
Fomo, a social trading app built on the Solana blockchain, has experienced a significant decline in weekly revenue, reporting $3.96 million as of October 13, 2026. This figure marks a 59% drop from its peak revenue of $9.59 million, which was achieved just weeks earlier. The app has now recorded five consecutive weeks of declining revenue, attributed to a general slowdown in on-chain activity across the cryptocurrency market.
Despite the recent downturn, Fomo's current weekly revenue remains higher than it was two months ago, indicating that while the summer surge has cooled, the platform is still performing relatively well. During the summer months, Fomo set multiple revenue records, including a weekly high of $1.57 million for the week ending July 27 and nearly $8 million by early September. Over the July to September period, Fomo even outperformed Pump.fun, another prominent trading platform in the Solana ecosystem, on several occasions.
Fomo operates without a governance token or emissions program, generating revenue primarily through a 0.5% fee on self-custodial swaps. The company has raised a total of $94 million in funding, including a $75 million Series B round in June 2026, which valued it at $550 million. The user base has grown significantly from 625,000 in mid-2026 to 2.7 million, with cumulative trading volume exceeding $4 billion. Despite the recent revenue decline, Fomo's 30-day revenue figures, ranging from $22 million to $32 million, suggest it remains competitive among Solana's leading protocols.
Source: KLEA News