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Solana-based meme coin launchpad Pump.fun records $14 million daily revenue on January 2.
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The platform accounted for 52.8% of Solana DEX transactions in December.
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The overall market cap of Pump.fun ecosystem tokens exceeded $9.5 billion today.
Solana’s Pump.fun launchpad sees explosive growth, hitting $14 million daily revenue as meme coins surge in popularity and market value.
Pump.fun Surges with Record Revenue
The $14 million figure marked Pump.fun’s highest daily revenue since its launch. Despite criticisms and challenges throughout 2024, Pump.fun has seemingly become the go-to platform for meme coin creators.
Also, the platform maintained its dominance in Solana decentralized exchange (DEX) transactions. Pump.fun accounted for 52.8% of all Solana DEX transactions in December, based on Dune Analytics data.
Data from Lookonchain further showed that Pump.fun transferred 292,437 SOL tokens, worth over $55 million, to Kraken on January 2. It appears the platform is attempting to capitalize on SOL’s bullish momentum for profits.
So far, the platform has deposited 1.5 million SOL tokens to Kraken, with 71,356 SOL tokens left in its holdings.
Pump.fun’s Record Revenue and the Meme Coin Market
Since its launch earlier in 2024, Pump.fun has seen some notable success with Solana meme coins like PNUT, GOAT, and FARTCOIN. These projects achieved some of the highest gains in 2024, although extreme volatility was persistent.
Although the crypto market has seen liquidations in the past few weeks, it seems like traders are viewing the new year as a fresh entry point. The rise in Pump.fun revenues suggests growing interest and activity in the meme coin space. The platform’s millions in revenue reflect a strong demand for meme coins among traders.
Meanwhile, Pump.fun ecosystem tokens have seen notable rallies today. Fartcoin jumped by over 45% on the day, reaching an all-time high at $1.45. The overall market cap of Pump.fun tokens have exceeded $9.5 billion.
Pump.fun’s dominance also suggests that traders are still relying on the platform, despite the challenges faced last year.
For instance, on December 3, the UK’s FCA released a statement announcing that Pump.fun is unauthorized to target UK users. Following this warning, the platform restricted all services in the UK, and the website itself cannot be accessed in the country.
Furthermore, the platform’s live stream feature received backlash after users broadcasted extreme and harmful activities. A notable incident involved a developer promoting self-harm if his cryptocurrency reached a $25 million market cap.
Separately, in November, it was reported that nearly 90% of users who traded meme coins launched from Pump.fun have either lost their investment or made less than $100 in profits.
Despite these criticisms and challenges, the platform continues to see increasing engagement due to its unparalleled accessibility to create and launch meme coins.
Conclusion
Pump.fun’s recent revenue surge reflects a pivotal moment in the meme coin market, suggesting robust activity and trader interest. As the new year rolls in, the resilience of platforms like Pump.fun indicates an evolving landscape for meme coins, positioning the platform for potential growth amid ongoing scrutiny.
