Pump.fun, a Solana-based memecoin launchpad, has staged a strong rebound after months of decline, with its daily protocol revenue recently outpacing that of the perpetuals trading platform Hyperliquid.
According to DefiLlama data, Pump.fun generated $3.38 million in revenue over the past 24 hours, slightly ahead of Hyperliquid’s $3.06 million. This performance places Pump.fun third among decentralized finance (DeFi) protocols, trailing only stablecoin giants Tether ($21.67 million) and Circle ($7.62 million).
Despite the strong daily showing, Hyperliquid continues to lead over longer periods, topping Pump.fun in both seven-day and 30-day revenue.
Launched in 2024, Pump.fun allows users to create and trade memecoins through a streamlined interface. The platform earns revenue from fees tied to token creation, initial liquidity, and ongoing trading activity. Its revenue peaked at more than $6.7 million in January 2025 before plunging over 96% to a low of just $206,059 on August 1. The latest $3.38 million figure marks Pump.fun’s highest daily revenue since February 13.
One factor fueling the platform’s resurgence is its aggressive buyback program for its native PUMP token. Since July, Pump.fun has repurchased $97.4 million worth of PUMP—reducing the circulating supply by 6.67%, according to the project’s buyback tracker.
In late July, the platform shifted its policy to allocate 100% of daily revenue toward buybacks, up from 25% previously. The move appears to have bolstered confidence among users and investors: the price of PUMP has climbed 53.9% since the program began, reaching $0.008354, based on CoinGecko data.
Pump.fun’s recent performance highlights both the volatility and resilience of the memecoin sector. While short-term revenue spikes may not guarantee long-term stability, the platform’s renewed momentum shows that investor appetite for meme-driven tokens remains alive and well in the broader DeFi landscape.
