According to ChainCatcher, Blockworks research analyst Shaunda Devens said PumpFun, the meme coin issuance platform on Solana, has reached $677 million in annualized revenue. She said the platform also has the lowest weekly revenue volatility among the top 10 protocols.
Devens said PumpFun combines launchpad and DEX infrastructure and is expanding into the consumer layer. Since early July, daily trading volume on its mobile app and Terminal front end has increased 5.6x.
She said PumpFun has generated $1.37 billion in cumulative revenue since 2024. Excluding stablecoin issuers, it ranks as the second-highest-grossing app this year, behind Hyperliquid.
On valuation, Devens said PUMP is currently trading at a 2.8x price-to-sales ratio. She put its valuation range at $0.0108 to $0.0205, equal to 2.3x to 4.4x the current price.
She also said a programmatic buyback funded by 50% of revenue would absorb about 17.6% of circulating supply on an annualized basis at the current price. About 77% of allocated insider tokens remain unmoved. She added that the team holds a treasury of about $2 billion.
Devens said 96% of PumpFun revenue comes from tokens with market capitalizations below $1 million, while revenue denominated in SOL is at a record high. PumpFun accounts for about 70% of Solana meme coin trading volume.
By quarter, PumpFun posted $85.2 million in revenue in the second quarter. Its third-quarter run rate stands at $125.4 million, up 47% quarter over quarter. Of that, the launchpad contributed $87.1 million and PumpSwap contributed $38.3 million. Daily active mobile users rose from 5,600 to 34,100.