The Solana-based meme coin launchpad, Pump.fun, is on a remarkable run. Not only did its native PUMP token surge 69% this week, but the platform itself also achieved a major milestone by overtaking Hyperliquid in daily revenue.
A Revenue Milestone Achieved
On September 16, as the broader crypto market moved sideways, Pump.fun stood out. According to data from DeFiLlama, the platform generated a staggering $3.38 million in protocol revenue within 24 hours.
This figure marks its highest single-day revenue since February 13. More importantly, it allowed Pump.fun to surpass the popular perpetuals trading platform, Hyperliquid, which recorded $3.19 million for the same period.
Pump.fun collects fees from new meme coin creations, initial liquidity setups, and subsequent trading volume. This revenue model is currently firing on all cylinders.
The Power of Aggressive Buybacks
This success follows a difficult summer. After peaking above $6.7 million in January, revenue plummeted to just $206,000 by August 1.
So, what fueled the turnaround? A major factor is the platform’s aggressive buyback policy. Pump.fun uses 100% of its daily revenue to repurchase and burn its native PUMP token.
Since July, the platform has spent nearly $98 million on these buybacks. This massive effort has already removed about 6.7% of the token’s circulating supply, creating significant buying pressure.
Can the PUMP Token Break Out?
The token is currently trading around $0.0081, with its market cap surging by $1.2 billion this week. This rally is drawing significant attention, especially with rumors of a potential Binance listing.
Analysts are watching key technical levels. Strong support sits near $0.0064, a previous accumulation zone. Currently, the price is consolidating tightly around $0.0080.
Crypto commentator Broke Doomer noted that the token is holding a “strong low,” indicating active buyers. A decisive break above this consolidation zone could trigger a pump toward the $0.0092 mark. With “interesting developments on the way,” according to Doomer, the momentum for Pump.fun appears strong.
