Solana-based meme coin generator Pump.fun is on track to reach nearly $400 million in revenue, according to blockchain analytics firm Lookonchain.
Solana-based meme coin generator Pump.fun is on track to reach nearly $400 million in revenue, according to blockchain analytics firm Lookonchain. The platform has earned 2,016,391 SOL tokens, or roughly $398 million. Reports indicate that Pump.fun has deposited over $300 million in SOL tokens to Kraken, and 41 million of those tokens were converted into USD Coin (USDC). Despite a difficult December for the meme coin market, Pump.fun has remained profitable, with users continuing to launch meme-based tokens.
In December, the meme coin market took a hit, with its total market cap declining by over $40 billion. The market cap reached a high of $137 billion on Dec. 9, but dropped to $92 billion by Dec. 23, before slightly recovering to $96 billion by the end of the month. This drop represents a 20% decrease from the market cap on Dec. 1.
Pump.fun’s performance is particularly noteworthy after its record-breaking November. During that month, the platform generated $106 million, making it the first decentralized application (DApp) on Solana to surpass $100 million in monthly revenue. However, the platform faced some challenges, including a backlash over harmful content broadcast through its livestream feature. Reports of violence, self-harm, and animal cruelty led to an outcry from the community, prompting Pump.fun to suspend the livestream feature indefinitely. This incident led to a 66% drop in weekly revenue by the end of November.
The platform also came under regulatory scrutiny in December. On Dec. 6, the U.K.’s Financial Conduct Authority (FCA) issued a warning about Pump.fun, accusing the platform of promoting financial services without authorization. The FCA blocked the platform in the U.K., adding further complication to Pump.fun’s operations.
Despite these setbacks, Pump.fun has continued to generate strong daily revenue. The platform’s activity has remained steady, and on Jan. 4, an additional 63,171 SOL tokens, worth $13.1 million, were sent to Kraken. This latest transfer brings Pump.fun’s total deposits to 1,564,064 SOL, valued at about $316.5 million. So far, the platform has converted 264,373 SOL into 41.6 million USDC.
Though the meme coin market experienced a downturn in December, Pump.fun has been able to weather the storm and continue growing. As the platform nears the $400 million revenue mark, it is still a key player in the meme-token space, with a strong user base that remains active despite the market’s challenges and regulatory pressures.
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