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

Solana-based token deployer, Pump.fun, has achieved a major milestone with its total revenue surpassing 1 million Solana.

This figure, valued at around $188.5 million, brings Pump.fun close to claiming the $200 million revenue mark. Launched in January, the platform has seen rapid growth, reaching the $100 million milestone last month, in just 217 days. 

As reported by crypto.news, this revenue surge made Pump.fun the fastest application in the crypto scene to claim a revenue of $100 million. Since then, revenue has grown by another $88 million.

The recent growth spike has been driven by two main factors: an increase in the Solana (SOL) holdings of Pump.fun and the rising price of Solana itself. Pump.fun has retained much of its SOL holdings despite having sold 264,373 SOL as of early September.

Notably, amid the recent Bitcoin (BTC) upsurge toward $73,000, the broader crypto market’s rebound has triggered a surge in Solana’s value, bringing Pump.fun’s total revenue closer to $200 million.

Pump.fun ecosystem goes bullish

The Pump.fun ecosystem is also experiencing significant growth. The market cap of meme coins created within the ecosystem has risen by 8.8% in 24 hours, reaching a combined value of $2.31 billion, according to data from CoinGecko. 

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

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

Meanwhile, Pump.fun’s daily transaction volume has also seen a substantial uptick. As of Oct. 26, the daily transaction count had slumped to a two-week low of 21,137. However, a recovery began immediately, as interest spiked due to the broader market recovery.

As a result, total transactions spiked to 34,462 yesterday—the highest in five days. This brought Pump.fun’s total transaction count to 2.82 million.