Pump.fun revenue approaches $400M despite memecoin decline

Pump.fun, the Solana-based memecoin generator, has earned nearly $400 million, despite a slowdown in the broader memecoin market during December.

According to blockchain analytics platform Lookonchain, Pump.fun has accumulated 2,016,391 SOL tokens, which translates to approximately $398 million in revenue.

The platform has deposited over $300 million worth of SOL tokens to Kraken and converted 41 million USDC (CRYPTO:USDC), further contributing to its earnings.

The start of 2025 follows a strong performance for Pump.fun, which recorded $106 million in decentralised application revenue in November.

This milestone made it the first Solana-based decentralised app (DApp) to surpass $100 million in monthly revenue.

However, while Pump.fun continues to see strong revenue, the memecoin market faced a downturn in December.

Its total market cap dropped by over $40 billion, falling from a high of $137 billion on December 9 to a low of $92 billion by December 23.

By the end of the month, the memecoin market cap had decreased by 20% compared to December 1, settling at around $96 billion.

Despite the challenges faced by the platform, including controversy surrounding harmful content shared via its livestream feature in November, which led to a 66% drop in weekly revenue, Pump.fun has maintained a steady stream of users launching meme-based tokens.

In addition, the UK’s Financial Conduct Authority (FCA) took action against the platform, warning residents about Pump.fun for promoting financial services without permission and subsequently blocking it in the country.

The platform paused its livestream feature indefinitely in response to community concerns.