Solana-Based Memecoin Generator Pump.fun Nears $400M in Revenue, Despite Regulatory Scrutiny

The platform earned 2,016,391 SOL tokens to date, translating to roughly $398 million. Over $300 million in SOL were reportedly deposited to Kraken

Solana-based memecoin generator Pump.fun is nearing $400 million in total revenue, blockchain analytics platform Lookonchain revealed.

The platform has earned 2,016,391 SOL tokens to date, which amounts to roughly $398 million. Over $300 million in SOL were reportedly deposited to Kraken, while 41 million were converted into USD Coin (USDC).

Day deposits were made in two batches: 120,000 SOL followed by 172,437 SOL. These marked the platform’s first significant transfers in 23 days.

Subsequent activity on January 4 saw an additional 63,171 SOL, valued at $13.1 million, sent to Kraken, bringing Pump.fun’s total deposits to 1,564,064 SOL—worth approximately $316.5 million. To date, Pump.fun has converted 264,373 SOL into 41.6 million USDC, as reported by Lookonchain.

The milestone comes after a record-breaking November, when Pump.fun became the first decentralized application (DApp) on Solana to generate over $100 million in monthly revenue, clocking in at $106 million. However, despite a strong start to the year, the broader memecoin market faced headwinds in December.

The overall market capitalization for memecoins fell dramatically in December, declining by $40 billion. Data from CoinMarketCap shows the market peaked at $137 billion on December 9 before plunging to $92 billion by December 23. By the end of the month, the market cap recovered slightly to $96 billion, still a 20% decrease compared to December 1.

Pump.fun’s strong revenue performance comes despite challenges. In late November, the platform faced backlash for harmful content being broadcast through its livestream feature, including reports of violence and animal cruelty. In response, Pump.fun suspended the feature indefinitely. The controversy contributed to a 66% drop in the platform’s weekly revenue toward the end of November.

Regulatory scrutiny also added pressure. On December 6, the UK’s Financial Conduct Authority (FCA) issued a warning against Pump.fun, accusing it of promoting financial services without proper authorization. The FCA subsequently blocked the platform in the United Kingdom, further complicating its operations.

Despite these setbacks, Pump.fun’s daily revenue figures indicate sustained user interest in launching meme-based tokens.