YEREVAN (CoinChapter.com) — Blockchain analytics platform Lookonchain reported that Pump.fun has earned 2,016,391 SOL tokens to date. This amount translates to $398 million, making it one of the highest revenue generators in the Solana ecosystem. Pump.fun has transferred over $300 million worth of SOL tokens to Kraken and converted $41 million into USD Coin (USDC).
The platform reached a significant milestone in November, becoming the first Solana-based decentralized application to earn $106 million in monthly revenue. This performance positioned Pump.fun as a prominent player in the blockchain space.
Memecoin Market Declines by $40 Billion
While Pump.fun sustained revenue growth, the overall memecoin market recorded a significant drop in December. According to CoinMarketCap, the market capitalization for memecoins fell 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 Faces Operational Challenges
In late November, Pump.fun encountered backlash after harmful content, including violence, self-harm, and animal cruelty, appeared on its livestream feature. Responding to community concerns, the platform indefinitely paused its livestream feature. 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, regulatory pressure intensified when the UK Financial Conduct Authority (FCA) issued a warning about the platform. The FCA accused Pump.fun of promoting unauthorized financial services and subsequently blocked its operations in the UK.
Pump.fun Revenue Remains Stable
Despite setbacks, Pump.fun has maintained steady daily revenue as users continue creating meme-based tokens. 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.
