Solana-based meme coin platform Pump.fun achieved great success on January 2nd by generating $14 million in daily revenue. The platform accounted for 52.8% of Solana DEX transactions in December. As of today, the total market value of Pump.fun ecosystem tokens has surpassed $9.5 billion. In this period when meme coins are gaining popularity, Solana’s Pump.fun platform has attracted attention with $14 million in revenue.
Pump.fun’s Record Revenue
Pump.fun has achieved its highest daily revenue since launch, bringing in $14 million. Despite criticism and challenges throughout 2024, the platform has become a prominent choice for meme coin creators. In addition, Pump.fun continues to lead Solana’s decentralized exchange (DEX) transactions. According to Dune Analytics, Pump.fun accounted for 52.8% of all Solana DEX transactions in December.
Lookonchain data showed that Pump.fun transferred 292,437 SOL tokens to Kraken on Jan. 2, with the value of these tokens exceeding $55 million. The platform appears to be trying to profit from SOL’s rising momentum. So far, Pump.fun has deposited a total of 1.5 million SOL tokens to Kraken and holds 71,356 SOL tokens.
Pump.fun and Meme Coin Market Situation
Launched in early 2024, Pump.fun has seen remarkable success with Solana-based meme coins PNUT, GOAT, and FARTCOIN. These projects have generated some of the highest earnings in 2024, but high volatility has continued. While there has been liquidation in the crypto market in recent weeks, traders appear to be looking at the new year as a fresh start. Pump.fun’s revenue growth suggests growing interest in the meme coin space and strong demand among traders.
In addition, Pump.fun ecosystem tokens saw a notable increase today. Fartcoin gained more than 45% on the day, reaching an all-time high of $1.45. The total market value of Pump.fun tokens has now exceeded $9.5 billion.
Criticisms and Challenges Towards Pump.fun
Despite this, Pump.fun has faced criticism. On December 3, the UK FCA announced that the platform’s targeting of UK users was unauthorized, and following this warning, the platform restricted all of its services in the UK and its website was also blocked from access in the country. Additionally, the platform’s live streaming feature has received negative criticism due to users broadcasting excessive and harmful activities. In one notable incident, a developer encouraged self-harm if his cryptocurrency reached a market value of $25 million.
According to a November report, 90% of users who traded meme coins launched on Pump.fun either lost their investment or made less than $100 in profit. Despite all of these criticisms and challenges, the platform is seeing increasing engagement in creating and launching meme coins thanks to its unique accessibility, which has allowed Pump.fun to maintain its strong position.