The memecoin market is looking up. The platform Pump.fun has just recorded 3.38 million dollars in revenue in 24 hours, surpassing the perennial trading reference, Hyperliquid (3.06 million). This achievement places Pump.fun at the 3rd position globally among DeFi protocols, just behind Tether (21.67 M$) and Circle (7.62 M$).
PUMP: a resurgence after the collapse
Launched in 2024, Pump.fun allows for the creation and launch of a memecoin in a few clicks. The creation fees, initial liquidity, and trading volumes are the sources of its revenue. But after peaking at 6.7 million dollars per day in January 2025, the platform experienced a brutal collapse: -96% in revenue, hitting a low of 206,000 dollars on August 1st.
Such a crash could have spelled the end of the story. However, the machine restarted by the end of August. The figure on September 16th, 3.38 million dollars, is the highest level seen since February.
The fuel of the rebound: massive token buybacks
The secret to this comeback? A radical strategy: 100% of daily earnings are used to buy back the PUMP token. This mechanism, reinforced since late July 2025 (compared to 25% previously), fuels a constant buying pressure. On the marketing side, the streaming feature is at the core of the recent activity comeback, with a new ‘meta’ of memecoins linked to streamers.
In two months, Pump.fun has already devoured 97.4 million dollars in buybacks, which is 6.67% of the circulating supply. The result: the price of PUMP has skyrocketed by 53.9% since the start of the program, reaching a new ATH at 0.0089$.
Hyperliquid remains dominant in the long run
If Pump.fun shines in the daily, Hyperliquid maintains the edge in the long term. Its cumulative revenues over 7 and 30 days far exceed those of the memecoin launchpad. The comparison clearly illustrates the difference in nature between the two projects:
- Hyperliquid focuses on an institutionalized, regular market supported by active traders.
- Pump.fun lives to the rhythm of the speculative waves that shake the memecoin universe.
A signal for the Solana ecosystem
This performance is also a symbolic victory for Solana, of which Pump.fun is a flagship. While many saw the memecoin frenzy running out of steam, the protocol proves that the demand remains massive, at least when channeled by an aggressive monetary policy.
The question remains open: Will Pump.fun be able to turn this stellar performance into sustainable growth, or will it remain dependent on the explosive and unpredictable cycles of the memecoin market?
