Solana-based memecoin platform Pump.fun is nearing an impressive $400 million in revenue, even as the broader memecoin market faced a significant downturn in December. According to blockchain analytics platform Lookonchain, Pump.fun has accumulated over 2 million SOL tokens, translating to approximately $398 million in total revenue. Of this, more than $300 million in SOL tokens were deposited to Kraken, with $41 million converted into USD Coin.

Pump.fun's strong revenue streak comes after a record-breaking November, where it became the first Solana decentralized application to exceed $100 million in monthly revenue, earning $106 million. The platform’s daily revenue metrics in early 2024 suggest continued demand for meme-based token launches, despite a turbulent end to the previous year.

The memecoin market, however, painted a contrasting picture. From a peak of $137 billion in early December, the overall market capitalization plummeted to $92 billion by Dec. 23, ending the month at $96 billion—a sharp 20% decline.

Challenges mounted for Pump.fun as the platform grappled with backlash over inappropriate content shared through its livestream feature in late November. Reports of violent and harmful broadcasts led to the feature's indefinite suspension, resulting in a 66% dip in weekly revenue.

Adding to the strain, the UK’s Financial Conduct Authority issued a warning against Pump.fun on Dec. 6, citing unauthorized promotion of financial services. The regulator subsequently blocked the platform within the country.

Despite these obstacles, Pump.fun’s robust revenue figures highlight its resilience in an evolving and challenging market landscape.