Pump.fun, a Solana-based meme-coin launching platform, reported an all-time high in its weekly trading volume, signaling renewed interest in meme coins. DefiLlama data show the platform’s DEX trading volume from January 5 to 11 reached about $6.61 billion, a new peak beyond the highs of April and October 2025.
The spike in volume has translated into tangible profitability, with Q1 2026 protocol revenue totaling around $21.71 million. Earlier, in Q3 and Q4 2025, Pump.fun posted revenues of $232.88 million and $226.65 million, respectively, illustrating strong cash generation. Token holder buybacks, conducted quarterly, surpassed $100 million.
The project’s market capitalization sits at roughly $12.91 billion, with a fully diluted value near $21.88 billion. Market observers are divided on the drivers of the surge: some see speculative funds flowing into Solana-based meme coins, while others point to potential wash trading ahead of airdrops. SolanaFloor analysts caution that much of the volume may be positioning-related rather than genuine demand, leaving questions about sustainable profitability for Pump.fun.
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