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Lookonchain claims that Pump.fun, a meme coin generator situated in Solana, is close to $400 million in income. After difficulties in the meme coin market, the platform has created more than 2 million SOL tokens.
After the market lost more than $40 billion in December, Pump.fun proceeded to turn a profit. Nevertheless, the network was criticized for its destructive content and got warnings from authorities. It still keeps good performance and user activity in spite of setbacks.
Pump.fun Revenue in Meme Coin Market Cap
Pump.fun, a meme coin generator based in Solana, is predicted to create up to $400 million in revenue, claims the blockchain analytics company Lookonchain. About $398 million, or 2,016,391 SOL tokens, have been received by the platform.
Based on reports, 41 million of the more than $300 million in SOL tokens that Pump.fun made with Kraken was transformed into USD Coin (USDC). Pump.fun has managed its revenue after a challenging December for the meme coin market, as users maintain to introduce tokens based on memes.
The market for meme coins noticed a downturn in December, with its entire market value falling by more than $40 billion. On December 9, the market capitalization exceeded $137 billion. By December 23, it had decreased to $92 billion, and by the end of the month, it had somewhat recovered to $96 billion. Compared to the market capitalization on December 1, this decrease amounts to a 20% reduction.
The performance of Pump.fun is specifically outstanding after its record-breaking November. The platform was recognized as the first decentralized application (DApp) on Solana to make over $100 million in monthly revenue throughout that month, with $106 million generated.
The platform did, however, deal with many problems, such as criticism for broadcasting offensive material via its livestream function. Community outrage over reports of violence, self-harm, and animal abuse led Pump.fun to stop the live stream feature temporarily. By the end of November, weekly profitability had decreased by 66% as a result of this incident.
In December, the platform also faced a regulatory investigation. The Financial Conduct Authority (FCA) of the United Kingdom complained about Pump.fun on December 6th, saying that the website provided financial services without permission. Pump.fun's operations were further complex when the FCA stopped the platform in the United Kingdom.
After these challenges, Pump.fun has managed a high daily revenue generation rate. There has been significant activity on the platform, and on January 4, Kraken got an additional 63,171 SOL tokens, estimated at $13.1 million. With this most recent transfer, Pump.fun's total deposits now represent 1,564,064 SOL, or around $316.5 million. The platform has so far transformed 41.6 million USDC from 264,373 SOL.
After the December fall in the meme currency market, Pump.fun has maintained to bounce back and keep increasing. The platform is still a major force in the meme-token industry, with a strong user base that remains engaged in spite of market problems and regulatory pressures as it passes the $400 million revenue milestone.
