The memecoin platform Pump.fun has emerged as a significant and divisive entity in the cryptocurrency space this year, driving a wave of token creation, igniting speculative behavior, and pushing the boundaries of retail investors’ engagement.
This article is part of CoinDesk’s Most Influential 2025 list.
Founded in early 2024, Pump.fun enables users to generate a token in a matter of seconds for less than two cents worth of SOL, eliminating the need for coding expertise. As a result, the platform accounted for over 80% of tokens based on the Solana network by mid-2025.
The rapid growth significantly increased blockchain activity and directed substantial trading volumes toward Solana’s decentralized exchanges, with Pump.fun itself recording more than $150 billion in cumulative trading volume as per DeFiLlama.
At its highest point, Pump.fun generated $138 million in monthly revenue, with daily peaks reaching as high as $15 million. A pivotal moment occurred in July when its PUMP token sale raised an estimated $500 million in under 12 minutes, achieving a fully diluted valuation of $4 billion.
The excitement spread rapidly, with tokens named Fartcoin, Goatseus Maximus, and Peanut the Squirrel quickly amassing market caps in the hundreds of millions as enthusiasm for memecoins surged.
However, this frenzy also concealed a more troubling narrative. Most tokens plummeted shortly after their launch, often due to scams or automated trading. Long-term investors were scarce. Analysts indicated increasing retail losses, drawing the attention of regulators, leading to lawsuits in the U.S. citing fraud and securities law violations.
Following the peak of the mania, revenue dropped sharply, decreasing by 80% from its height. Nevertheless, Pump.fun’s influence remains significant, and token launchpads continue to play a vital role in the DeFi landscape.
