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Solana-based token deployer, Pump.fun, has reached a significant milestone, with its total revenue now surpassing 1 million Solana (SOL). This amounts to roughly $188.5 million, putting the platform within striking distance of the $200 million revenue mark.
Launched in January, Pump.fun has experienced rapid growth, achieving the $100 million milestone just 217 days after its launch. As reported by crypto.news, the platform became the fastest application in the crypto space to reach $100 million in revenue. Since hitting that mark last month, Pump.fun’s revenue has surged by an additional $88 million.
The recent spike in revenue can be attributed to two key factors: an increase in Pump.fun’s Solana holdings and the rising price of Solana itself. Despite selling 264,373 SOL as of early September, Pump.fun has retained much of its SOL holdings.
Notably, as Bitcoin (BTC) surged toward $73,000, the broader cryptocurrency market’s rebound contributed to a sharp rise in Solana’s value, driving Pump.fun’s total revenue closer to the $200 million threshold.
Pump.fun ecosystem goes bullish
The Pump.fun ecosystem is experiencing impressive growth, with the market cap of meme coins created within the ecosystem rising by 8.8% in the last 24 hours, reaching a combined value of $2.31 billion, according to CoinGecko data.
At the forefront of this surge is Goatseus Maximus (GOAT), the largest token in the ecosystem, with a market cap of $620 million, representing 26.8% of the total value. Other prominent tokens in the Pump.fun ecosystem include Fwog (FWOG), with a market cap of $262.29 million, and Moo Deng (MOODENG), valued at $223 million.
In addition to the market cap growth, Pump.fun’s daily transaction volume has seen a notable increase. On October 26, daily transactions had dropped to a two-week low of 21,137. However, following the broader market recovery, interest in the platform surged, leading to a recovery in transaction activity.
By the following day, total transactions spiked to 34,462, marking the highest daily transaction count in five days. This brought the platform’s cumulative transaction count to 2.82 million.
