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Solana Memecoin Platform Pump.fun Nears $400M in Revenue Despite Market Downturn
Thursday. January 2 at 8:00 PM
1 min. readBlockchain analytics platform Lookonchain revealed that Pump.fun, a Solana memecoin generator, has accumulated over 2 million SOL tokens, equivalent to nearly $400 million in revenue. Despite a decline in memecoin market capitalization in December, Pump.fun has deposited more than $300 million in SOL tokens to Kraken and converted 41 million USDC. The platform's revenue milestone follows a record-breaking performance in November, earning $106 million in decentralized application revenue. Despite facing challenges such as harmful content broadcast via its livestream feature, resulting in a 66% drop in weekly revenue, Pump.fun continues to attract users launching meme-based tokens. The UK's Financial Conduct Authority has also warned residents about the platform for promoting financial services without permission and has blocked it in the country. Despite these setbacks, Pump.fun's revenue continues to grow, showcasing resilience in the volatile memecoin market.