Solana-based memecoin generator Pump.fun is approaching a significant revenue milestone, with total earnings nearing $400 million. According to blockchain analytics platform Lookonchain, Pump.fun has accumulated over 2 million SOL tokens, equivalent to approximately $398 million. The platform has reportedly deposited more than $300 million in SOL to the Kraken exchange and converted $41 million into USD Coin (USDC).
This achievement follows a record-breaking performance in November 2024, when Pump.fun became the first Solana decentralized application (DApp) to surpass $100 million in monthly revenue, earning $106 million during that period.
Despite this financial success, the memecoin market experienced a downturn in December. The overall market capitalization for memecoins declined by over $40 billion, dropping from $120 billion on December 1 to approximately $96 billion by the end of the month—a 20% decrease.
Pump.fun also faced challenges due to controversial content broadcast via its livestream feature, leading to its indefinite suspension in late November. Additionally, the United Kingdom’s Financial Conduct Authority issued a warning against the platform in early December, citing unauthorized promotion of financial services. Despite these obstacles, Pump.fun’s revenue has remained robust, indicating sustained user engagement and activity.
