Pump.fun kicked off 2025 with $14 million in revenues for one day. Dune Analytics and DefiLlama reported that Solana generated over 72,000 $SOL in fees on January 1, trading above $200. Read on to get the details.
It was a record-breaking day in the sales earned by Pump.fun since its start.
A Dominant Force in the Solana Ecosystem
Pump.fun has received much attention within the Solana ecosystem, especially its implementation for DEX aggregation and trading across chains. At the end of December 2024, it had traded more than 52% of all DEX volumes on Solana-based protocols. This was due to performance recorded in November when it emerged as the first dApp in Solana to record a monthly gross transaction value of over $100 million.
🚀 @pumpdotfun has started 2024 on a high note, generating over $14 million in revenue on January 2 amid a continued surge in meme coins.#Meme #Memecoinshttps://t.co/AAtnsz3wWs
— Cryptonews.com (@cryptonews) January 2, 2025
Since its start, Pump.fun has earned over 2 million $SOL, equating to nearly $398 million in total revenue. However, Lookonchain also mentioned that Pump.fun had locked over $300 million $SOL on Kraken and exchanged $41 million into USD Coin ($USDC).
Pump fun deposited 292,437 $SOL($55.5M) to #Kraken again today after 23 days.
So far, #Pumpfun has deposited 1,500,893 $SOL($303M) to #Kraken and sold 264,373 $SOL for 41.64M $USDC.#Pumpfun has earned a total of 2,016,391 $SOL($398M).https://t.co/eO2OHLWL0c pic.twitter.com/UG8RjIYa1N
— Lookonchain (@lookonchain) January 2, 2025
Thriving amidst challenges
However, critics focused on the difficulties of Pump Fun addressing concerns about the memecoin market. Some livestream users posted toxic content on November 30, 2023. Backlash over violent and abusive content led the platform to suspend this feature for now. This controversy affected its operations by reducing weekly revenue by 66% towards the end of November.
Source: X
The UK’s FCA flagged Pump.fun in December for unauthorized financial service promotions. The FCA even banned the platform in the UK, contributing to its regulatory troubles.
A Resilient Start to 2024
Pump.fun has demonstrated its ability to overcome challenges. Memecoins remain popular, and the big January 1st results prove it is still the market leader in the Solana ecosystem.
Source: X
Conclusion
Pump.fun has become significant in the Solana and memecoin niches. As long as authorities watch it and the community remains cautious, Pump.fun looks promising. However, it has become quite influential within the year, especially if you are into memecoins.
Disclaimer
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