$PUMP Pump.fun earned over $1 billion: how the meme coin platform became one of the most profitable in the crypto industry

The meme coin launchpad Pump.fun on the Solana network continues to demonstrate record economics. According to DefiLlama, since its launch in early 2024, the platform has accumulated approximately $1.08 billion in revenue, becoming the first Solana protocol to exceed the $1 billion mark.

The revenue distribution looks like this: $321.3 million in 2024, $664 million in 2025, and another $98.3 million in 2026 as of now. In comparison, key DeFi protocols in the Solana ecosystem earned significantly less: the aggregator Jupiter accumulated about $401.3 million, while the AMM exchange Raydium earned approximately $126.9 million.

The main source of revenue for Pump.fun is fees from launching and trading meme coins. Interestingly, almost all of the platform's revenue is directed towards the buyback of token $PUMP . For example, on March 11, $1.25 million $PUMP was bought back, which accounted for 99.93% of the daily revenue.

Since the launch of the buyback program, the protocol has already repurchased approximately $323.4 million PUMP, which equals 28.8% of the circulating supply.

Despite aggressive buybacks, the price of PUMP is still lower than the starting $0.004 and significantly lags behind the historical high of $0.0088, indicating that even with huge market revenues, long-term demand is still lacking.