Pump.fun’s revenue surge is reshaping the competition for protocol earnings, driven by renewed trading activity across its Solana launchpad. Over a 30-day time frame, Pump.fun earned $55.5 million, exceeding Hyperliquid’s $54.34 million, earning it third place in total earnings.
The large increase in revenue for Pump.fun will alter the competitive landscape of who receives earnings from protocols due to renewed levels of trading on all launchpads offered by Pump.fun on Solana.
This is important because Pump.fun [PUMP] earns money through rapid launching of tokens and their subsequent trading. On the other hand, Hyperliquid [HYPE] generates revenue through perpetual activity.
In addition, Pump.fun has shown upward momentum, generating $17.54 million over seven days. Therefore, this recent upward trend continues to be active.
Hyperliquid’s $11.19 million weekly revenue trails that pace, widening the short-term gap. As such, sustained memecoin trading may reinforce Pump.fun’s position relative to Hyperliquid and significantly increase PUMP’s economic relevance.
However, if the demand for trading declines rapidly, the order of the rankings will likely shift, and Hyperliquid would reclaim its spot.
Pump.fun’s trading volume surges
Pump.fun’s trading volume went from approximately $5 million per day in July to over $40 million in October. Thus, it appears that demand is no longer limited to short-term or occasional spikes.
PUMP’s daily turnover was clearly rising in mid-August and accelerated into early September. This was as turnover frequently reached $30-$45 million per day and occasionally exceeded $60 million.
Why does this matter? Pump.fun generates revenue based on user activity such as launching, trading, and rotating through tokens. Thus, an increase in trading volume will expand pump.fun’s base of revenue-generating activities.
This trend also supports PUMP’s economic narrative. Sustained volume provides an additional foundation for continued revenue growth. However, a decline in volume would quickly reduce that support.
Whale accumulation strengthens PUMP
Meanwhile, after an entire year with little to no movement, Netherlol made its comeback, purchasing 383.34 million PUMP valued at $2.4 million. Following this transaction, another wallet withdrew 189.22 million PUMP, valued at $1.18 million, from MEXC.
Together, these withdrawals remove a portion of the available tokens to be traded during periods when there has already been an increase in trading volume.
As long as these two whales hold onto the coins they have purchased or withdrawn, fewer tokens will be available to trade on exchanges. This can lead to tighter supplies of tokens, which will also allow buyers to have a greater impact on price movement.
This will provide more substantial support to Pump.fun’s revenue, thus allowing for a stronger form of growth that is no longer solely dependent upon platform activity.
However, renewed deposits could reverse this effect, making whale movements important for confirming whether accumulation becomes a durable trend.
Final Summary
- Pump.fun leads Hyperliquid in 30-day revenue as volume and whale demand rise.
- PUMP could extend its lead if trading activity and whale accumulation persist.