Pump.fun earned over 1m Solana, ecosystem market cap reaches $2.3b

Solana-based token distributor Pump.fun has reached a major milestone with total revenue exceeding 1 million Solana.

This figure, valued at approximately $188.5 million, puts Pump.fun close to achieving $200 million in revenue. Launched in January, the platform has grown rapidly, reaching the $100 million milestone in just 217 days last month.

Pump.fun revenue | Source: Dune

As reported by Crypto.news, this revenue increase made Pump.fun the fastest app on the crypto scene to hit $100 million in revenue. Since then, revenue has increased by another $88 million.

The recent growth spurt has been driven by two main factors: Pump.fun’s increase in Solana (SOL) holdings and the rising price of Solana. Pump.fun retained most of its SOL assets, although it had sold 264,373 SOLs as of early September.

The recovery in the broader crypto market, especially amid Bitcoin (BTC)’s rise towards $73,000, has triggered a surge in Solana’s value, pushing Pump.fun’s total revenue to close to $200 million.

Pump.fun ecosystem is on the rise

The Pump.fun ecosystem is also experiencing significant growth. According to CoinGecko’s data, the market value of meme coins created in the ecosystem increased by 8.8% in 24 hours, reaching a total value of 2.31 billion dollars.

Leading this charge is Goatseus Maximus (GOAT), the ecosystem’s largest token, accounting for 26.8% of the total market value with a valuation of $620 million.

Other major players in the ecosystem include Fwog (FWOG) with a market cap of $262.29 million and Moo Deng (MOODENG) with a market cap of $223 million.

Meanwhile, Pump.fun’s daily trading volume also increased significantly. As of October 26, the number of daily transactions dropped to 21,137, the lowest level in two weeks. However, a recovery began almost immediately as interest increased due to the broader recovery in the market.

As a result, the total number of transactions rose to 34,462 yesterday, reaching the highest level in the last five days. This brings Pump.fun’s total number of transactions to 2.82 million.