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The Solana memecoin generation platform Pump.fun is approaching a revenue of 400 million dollars, according to Lookonchain, despite a significant decline in the overall market capitalization of memecoins in December.
Pump.fun reaches $400 million despite the chaos of memecoins
The Pump.fun platform has reported nearly 2.016 million SOL, equivalent to about 398 million dollars, according to the blockchain analyst Lookonchain. This colossal revenue comes as the memecoin market is experiencing a sharp slowdown.
In December, the global capitalization of memecoins fell by over 40 billion dollars, from 137 billion to 96 billion dollars at the end of the month, a decrease of nearly 30%.
Despite this unfavorable context, Pump.fun recorded record performances in November, with monthly revenue surpassing 100 million dollars for the first time, consolidating its position as a leader among decentralized applications (DApps) in the Solana ecosystem.
A significant portion of these gains, over 300 million dollars in SOL, has been deposited on Kraken, while 41 million dollars were converted to USD Coin (USDC).
The challenges of Pump.fun and the resilience of its community
Last year was not without obstacles for Pump.fun. In November, the platform suspended its live streaming feature after criticism related to harmful content posted by its users.
This controversy, coupled with a warning from the UK’s Financial Conduct Authority (FCA), led to a 66% drop in weekly revenues at the end of the year.
Despite these challenges, daily revenues at the beginning of the year demonstrate that users continue to adopt memecoins. Pump.fun remains attractive for token creators, illustrating the robustness of its business model and the loyalty of its community.
As the crypto market seems to slow down, Pump.fun offers a glimpse of possible opportunities for platforms capable of innovating. The major challenge for these players lies in their ability to adapt to regulations while regaining user trust.
With revenues nearing 400 million dollars, Pump.fun proves that memecoins, although volatile, continue to exert a notable influence on the crypto ecosystem. If the platform manages to overcome regulatory challenges and maintain its growth, it could well redefine the memecoin market in the years to come.
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Passionné par le Bitcoin, j’aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l’outil qui peut rendre cela possible.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
