Pump.fun Rakes in $398M in Revenue, Becoming a Major Player in the Solana Ecosystem

Blockchain analytics platform Lookonchain reported that Pump.fun has earned 2,016,391 SOL tokens to date. This amount translates to $398 million.

A recent report by blockchain analytics platform Lookonchain has revealed that Pump.fun, a Solana-based memecoin market, has generated an impressive 2,016,391 SOL tokens since its launch. This translates to approximately $398 million in earnings, making Pump.fun one of the highest revenue generators within the Solana ecosystem.

According to the platform, Pump.fun has transferred over $300 million worth of SOL tokens to the Kraken exchange and converted an additional $41 million into USD Coin (USDC). The platform also achieved a significant milestone in November, becoming the first Solana-based decentralized application to earn $106 million in monthly revenue. This performance has positioned Pump-fun as a prominent player in the blockchain space.

Meanwhile, the overall memecoin market experienced a decline in December, with total market capitalization dropping by over $40 billion during the month. On Dec. 1, memecoins had a combined market value of $120 billion, which increased to $137 billion by Dec. 9. However, by Dec. 23, the market capitalization plummeted to $92 billion, reflecting a volatile period. By the end of December, the total market cap recovered slightly to $96 billion, a 20% decrease from the start of the month.

Pump-fun encountered operational challenges in late November when harmful content, including violence, self-harm, and animal cruelty, appeared on its livestream feature. In response to community concerns, the platform paused its livestream feature indefinitely. This decision came after reports of inappropriate broadcasts led to widespread criticism.

The controversy had immediate financial repercussions, with Pump.fun’s weekly revenue dropping by 66% toward the end of November. In December, the platform faced further regulatory hurdles when the UK Financial Conduct Authority (FCA) issued a warning about Pump.fun. The FCA accused the platform of promoting unauthorized financial services and subsequently blocked its operations in the United Kingdom.

Despite these challenges, Pump.fun has maintained steady daily revenue as users continue creating meme-based tokens on the platform. The platform’s revenue growth, even amid a shrinking memecoin market, highlights its role in supporting Solana-based projects. Blockchain analytics suggest that user activity remains consistent, contributing to the platform’s financial results.