Blockworks Analyst Says PumpFun Revenue Reaches $677 Million Annualized

Blockworks research analyst Shaunda Devens said Solana meme coin launchpad PumpFun has reached $677 million in annualized revenue and has the lowest weekly revenue volatility among the top 10 protocols. According to ChainCatcher, the platform combines launchpad and DEX infrastructure while expanding into consumer-facing products, and daily trading volume on its mobile app and Terminal front end has risen 5.6 times since early July. Devens said PumpFun has generated $1.37 billion in cumulative revenue since 2024, making it the second-highest revenue-generating application this year after Hyperliquid, excluding stablecoin issuers. She said PUMP is trading at 2.8 times price-to-sales, and her valuation range for the token is $0.0108 to $0.0205, or 2.3 times to 4.4 times the current price. She added that a programmatic buyback funded by 50% of revenue is absorbing about 17.6% of circulating supply annually at current prices, while about 77% of allocated insider tokens have not moved. Devens also said the team holds about $2 billion in treasury assets. According to Devens, 96% of revenue comes from tokens with market capitalizations below $1 million, and revenue denominated in SOL is at a record high. PumpFun accounts for about 70% of Solana meme coin trading volume. Second-quarter revenue was $85.2 million, while the third-quarter run rate reached $125.4 million, up 47% quarter over quarter. Launchpad revenue contributed $87.1 million and PumpSwap contributed $38.3 million, while daily active mobile users increased from 5,600 to 34,100.