Pump.fun reaches $30m in revenue from Solana’s meme coin frenzy

Pump.fun’s revenue has surpassed $30 million as meme coins with their own respective subsector create their own waves.

Over the past month, we’ve seen a lot of news centered around memes. Roaring Kitty, the face of the 2021 GameStop rally, returned to X. Pump.fun, the meme coin launchpad, was exploited for $1.9 million by a former employee. The face of Dogecoin, the Shiba Inu Kabosu, passed away.

The crypto market has also been brought back by excitement about the shock approval of the spot Ethereum ETF 19b-4 approvals and some more encouraging inflation data coming out in the U.S. this month.

But the meme fuel remained strong if we zoom in on the past week. For one, the new subsector PolitiFi (Political Finance), with meme coins linked to legislators only by name, no official affiliation, has once again become a hotbed of trading activity in the wake of former president Donald Trump’s guilty verdict in his hush-money trial.

Maybe the most thrilling news is that celebrities appear to be back on the crypto bandwagon. Multiple A-list celebs seemed to have touched crypto in 2021 and 2022, during the height of the bull market but then dropped the subject as the hype faded.

But Caitlyn Jenner jumped in on the scene, launching her own token on pump.fun and promoting it on both her X and her Instagram. Many people thought the accounts were possibly hacked, but she posted a video verifying that she was behind the posting. Jenner later launched the token on Ethereum (ETH), as well, and is using fees collected from it to support Trump.

Rapper Iggy Azalea also launched her token $MOTHER independently on Solana, seemingly to clap back at a promoter who was trying to launch an IGGY token.

Boosting pump.fun revenue

Even though only Jenner seems to have used pump.fun for her Solana (SOL) meme coin, the meme energy was transcendent. Despite being exploited less than two weeks ago, pump.fun rebounded and posted its highest revenue day on May 30th, bringing in $1.48 million.

Like the last time we saw a spike in the platform’s revenue, it indicates users launching many tokens, hoping to create the next meme coin that creates sizable returns. 

According to DeFiLlama, pump.fun has seen $31.8 million in revenue since it went live. It isn’t surprising, as it’s the home of new tokens on Solana—nearly half a million were created in the last month alone.