The Solana-based memecoin launchpad Pump.fun has made headlines today with a strong performance rebound, crossing key revenue and valuation milestones.
According to recent data from DeFiLlama, Pump.fun generated $3.38 million in protocol revenue over the past 24 hours, surpassing Hyperliquid’s $3.06 million and marking the platform’s highest single-day figure since February 13. This positions Pump.fun as the third-highest revenue-generating DeFi protocol.
Overall, trailing only stablecoin issuers Tether ($21.67 million) and Circle ($7.62 million). While Hyperliquid still leads on a weekly $16.4 million for Pump.fun vs. higher for Hyperliquid and monthly basis, this daily flip underscores a sharp spike in memecoin launch activity and trading fees on Solana.
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The native token, $PUMP, has benefited from this surge, jumping 8% in the last 24 hours amid a broader sideways crypto market. Its fully diluted valuation (FDV) has now crossed $8 billion, reflecting aggressive buyback mechanics where 100% of platform revenue is used to repurchase and burn $PUMP tokens.
To date, over $97.4 million in buybacks have been executed, reducing circulating supply by approximately 6.67%. This includes $12.19 million repurchased in the past week alone, driven by the platform’s fee model that captures revenue from token launches and trades.
Pump.fun’s cumulative lifetime revenue now exceeds $800 million, with creators claiming over $20 million in fees in the last seven days. This rebound follows a tough period for Pump.fun, where daily revenue dipped to as low as $206K in August—a 96% drop from January’s $6.7M peak—amid regulatory scrutiny and market volatility.
However, recent updates like “Project Ascend” (a creator-centric overhaul unveiled in early September) and enhanced streaming features have reignited interest, boosting concurrent streams by 4x and mindshare by 383% week-over-week.
On-chain flows confirm the momentum: fresh wallets added $102.6M, public figures $1.82M, and smart money $631K in the last 24 hours, per Nansen data. Community sentiment has flipped dramatically positive (+677% shift since late August), with $PUMP forming a clean W-pattern on charts and outperforming the market.
Analysts highlight the reflexive tokenomics—where memecoin frenzy directly fuels $PUMP buybacks—as a key driver, potentially undervaluing it relative to peers like $HYPE despite similar revenue profiles. Pump.fun now controls ~90% of Solana’s memecoin launchpad volume, far ahead of competitors like Bonk_fun.
Pump.fun’s $3.38M daily revenue and ~90% share of Solana’s memecoin launchpad volume solidify Solana as the go-to blockchain for memecoin activity. Its low-cost, high-speed transactions continue to attract degen traders and creators, outpacing competitors like Ethereum or Binance Smart Chain.
Increased network usage boosts Solana’s TVL and $SOL demand, potentially driving its price higher. Projects building on Solana, especially launchpads, may face pressure to innovate or risk losing market share to Pump.fun’s dominance.
The 100% revenue-to-buyback model, burning ~6.67% of $PUMP’s supply so far, creates a deflationary pressure that supports price appreciation. The $97.4M in buybacks signals strong commitment to token value, distinguishing $PUMP from less disciplined memecoin projects.
This reflexive mechanism—where platform success directly fuels token demand—could attract long-term investors beyond degen traders, potentially stabilizing $PUMP’s valuation. However, the $8B FDV suggests high expectations, and any revenue slowdown could trigger corrections if buybacks falter.
Flipping Hyperliquid in 24-hour revenue ($3.38M vs. $3.06M) highlights Pump.fun’s ability to compete with top DeFi protocols, even those in different niches like perpetual futures (Hyperliquid). This signals a shift in revenue dynamics within DeFi.
Hyperliquid and similar platforms may need to enhance user incentives or features to maintain revenue leadership. Pump.fun’s success could inspire other protocols to adopt aggressive buyback-and-burn models, reshaping DeFi tokenomics trends.
The 4x increase in concurrent streams and 383% week-over-week mindshare growth, driven by “Project Ascend,” indicate strong creator and user engagement. Creators earning $20M+ in fees over the past week incentivizes more projects to launch on Pump.fun.
This virtuous cycle—more creators, more launches, higher fees, more buybacks—could sustain $PUMP’s rally and platform growth. Public figure involvement ($1.82M in flows) and positive sentiment (+677%) amplify network effects, drawing in new users.
At $8B FDV, $PUMP’s valuation is significant but arguably undervalued compared to Hyperliquid’s $45B–$52B FDV, given similar revenue profiles. The W-pattern on charts and strong on-chain flows ($102.6M from fresh wallets) signal bullish investor sentiment.
$PUMP could attract more institutional or smart money interest if revenue growth persists, potentially closing the FDV gap with top DeFi tokens. However, its high FDV requires sustained revenue to justify, making it a high-risk, high-reward play.
The platform’s tokenomics and creator incentives create a self-reinforcing growth loop, but its reliance on memecoin speculation introduces volatility and regulatory risks. For investors, $PUMP offers high-upside potential but requires careful monitoring of revenue trends and market sentiment.
For the broader market, this could herald a memecoin resurgence, with Solana at the epicenter—though sustainability hinges on navigating regulatory and competitive pressures. In a space dominated by degen plays, Pump.fun’s model proves resilient.
It’s not just capturing memecoin hype but recycling it into sustainable token value. If daily revenue holds above $3M, expect continued upward pressure on $PUMP toward new all-time highs.