Pump.fun set single-day revenue record, raking in $15.5 million in fees following anniversary

Quick Take

  • Memecoin platform Pump.fun had its most profitable day yet on Friday, January 24, bringing in $15.5 million in fees for its developers. 
  • The platform has processed $4 billion in volume in the past 2 weeks, and has brought in 2.5 million SOL in fees since its launch just over one year ago. 

Pump.fun launched just over one year ago on January 19, 2024, yet in its short history, the platform has managed to usher in a new era of memecoins — or what the New York State Department of Financial Services calls "sentiment-based virtual currencies."

Pump.fun, which launched on Solana, rapidly grew in popularity, becoming the fastest crypto app in history to generate $100 million in revenue, achieving the feat in just 217 days. The viral memecoins it birthed, from Moo Deng to Fartcoin, seek to capitalize on an essential moment in popular internet culture, fund a special cause, or, in some cases, scam their investors, though Pump.fun's novel mechanics to promote legitimate launches formed one core component of its success.

Recently, the platform set a new record, racking up $15.38 million in fees on Friday, Jan. 24, according to The Block's data, its highest sum for a single day. 

The record was achieved due in part to the hype around Vine Coin, a new memecoin launched by Rus Yusupov, one of three co-founders of the defunct looping video platform of the same name. X owner Elon Musk has hinted at reviving the defunct brand on the X platform, and an X software engineer said on Saturday that there's internal excitement at the company around the idea of renaming the app's video tab to Vine. (Twitter acquired Vine in 2012 before shuttering the platform in 2017.) 

Vine Coin quickly grew to a market cap of nearly $425 million before retreating slightly, but its viral success helped Pump.fun set its one-day revenue record. Pump.fun has seen over $4 billion in volume over the past 2 weeks, and will soon cross the threshold of 2.5 million SOL tokens in volume, according to Dune

Though stories of memecoin-fueled success have captivated the crypto sphere, many investors have lost money in the trading arena. A US law firm is even seeking legal action against the exchange on behalf of investors who have experienced losses trading memecoins on the platform. 

Meanwhile, Solana DEX aggregator Jupiter's acquisition of memecoin platform Moonshot could threaten Pump.fun's dominance, though it has a long way to climb if Pump.fun's recent record-breaking volume is any indicator. 


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© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Zack Abrams is a writer and editor based in Brooklyn, New York. Before coming to The Block, he was the Head Writer at Coinage, a Web3 media outlet covering the biggest stories in Web3. The story he co-reported on Do Kwon won a 2022 Best in Business Journalism award from SABEW. Other projects included a deep dive into SBF's defense based on exclusive documents and unveiling the identity of the hacker behind one of 2023's biggest crypto hacks — so far. He can be reached via X @zackdabrams or email, [email protected].

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