- Pump.fun’s monthly revenue hit $93M in November, reflecting a 207% growth.
- The platform suspended its livestream feature amid concerns over harmful content.
The memecoin market has experienced a remarkable resurgence in 2024, with platforms like Solana [SOL]-based Pump.fun leading the charge.
According to DefiLlama, Pump.fun’s monthly revenue soared to an impressive $93 million in November, marking a 207% increase from October’s $30.5 million—a figure that was itself a record.
This rebound follows a challenging period in August and September when the platform’s revenues dropped by an average of 29% each month.
Pump.fun growth statistics analyzed
As of the latest update, Pump. fun’s activity continues to make waves in the crypto market, as the Solana-based memecoin platform has deployed over 4.2 million memecoins, according to Dune Analytics.
Despite recent declines in SOL’s price, Pump.fun has demonstrated significant liquidity movements.
Data from Lookonchain reveals a recent deposit of 65,000 SOL tokens, valued at $15.23 million, to Kraken. This brings the platform’s total deposits to Kraken to 798,869 SOL, worth approximately $154 million.
Additionally, Pump.fun has sold 264,373 SOL, converting it into 41.64 million USDC.
For those unaware, since its inception, the platform has amassed a staggering 1,526,937 SOL, equating to $362 million, reflecting its dominance and profitability in the memecoin sector.
According to CoinGecko, tokens launched via Pump.fun now collectively hold a market capitalization of $6.63 billion, reflecting a modest 2.9% decline over the past 24 hours.
However, this dip hasn’t overshadowed the remarkable performance of individual tokens.
Memecoins catalyzing Pump.fun’s success
Memecoins like Peanut the Squirrel have surged by 10% in a single day and achieved a staggering 900% growth over the past month.
Similarly, Moondeng posted a 99% daily increase, climbing by over 285% in the last 30 days.
Leading the charge is Act I: The AI Prophecy, which has skyrocketed by an astounding 3,500% in monthly gains, underscoring the dynamic and highly profitable potential within Pump.fun’s ecosystem.
The ongoing challenges
However, despite its recent successes and innovative advancements, Pump.fun has encountered challenges that highlight the complexities of balancing innovation with responsibility.
The platform recently faced backlash over the misuse of its livestream feature, which led to the spread of harmful content.
Acknowledging the risks, Pump.fun has taken the decisive step to suspend the feature indefinitely, underscoring its commitment to fostering a safer and more inclusive community.
This move serves as a reminder that while innovation drives growth, addressing ethical concerns remains crucial for sustainable success.
