Solana memecoin platform Pump.fun had a strong start to 2024, generating over $14 million in revenue on Jan. 2 as memecoins continue their momentum. 

Data from Dune Analytics and decentralized finance (DeFi) tracker DefiLlama revealed that the Solana-based memecoin launchpad generated 72,506 Solana (SOL) in fees at the start of the year. With SOL trading above $200, the platform’s revenue exceeded $14 million, its highest daily revenue since launch. 

Pump.fun’s daily revenue for Jan. 2. Source: DefiLlama

The memecoin generator also continued its dominance in Solana decentralized exchange (DEX) transactions. According to Dune Analytics data, Pump.fun ended December with 52.8% of all transactions in Solana-based DEXs. 

Cointelegraph reached out to Pump.fun but did not get an immediate response. 

Pump.fun’s total revenue nears $400 million

Pump.fun’s impressive start to the year follows a record-breaking performance in November, when the platform earned $106 million in decentralized application revenue, becoming the first Solana DApp to surpass $100 million in monthly revenue.

Source: Lookonchain

Blockchain analytics platform Lookonchain reported that Pump.fun has earned 2,016,391 SOL tokens to date, pushing its total revenue to nearly $398 million. Pump.fun has reportedly already deposited over $300 million in SOL tokens to Kraken and converted 41 million in USD Coin (USDC). 

Pump.fun revenue stays strong despite challenges

The platform’s daily revenue at the start of the year shows that users have continued to launch meme-based tokens despite the challenges faced by the platform last year. 

On Nov. 25, the platform came under fire for harmful content broadcast by users via its livestream feature. Reports of violence, self-harm and animal cruelty led to community backlash. In response, Pump.fun paused the livestream feature indefinitely, acknowledging the community’s concerns.

Following the controversy, Pump.fun’s weekly revenue dropped by 66% toward the end of November. 

The United Kingdom’s financial regulator also set its sights on the Solana memecoin platform. On Dec. 6, the UK’s Financial Conduct Authority warned residents about the platform, saying it had been promoting financial services without permission. The regulator also blocked the memecoin platform in the country.

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