Pump.fun's 24-hour revenue surpasses Hyperliquid, the meme coin craze on Solana is reshaping the platform competition landscape.

According to the latest news, on January 28th, Pump.fun’s protocol revenue over the past 24 hours reached $2.32 million, surpassing the derivatives trading platform Hyperliquid’s $2.16 million for the first time, coming only after Tether and Circle. Behind this seemingly small numerical change reflects a deeper shift happening in the crypto market: low-cost, high-liquidity Meme coin trading is becoming mainstream, with the Solana ecosystem at the center of this transformation.

How the Meme Coin Boom Is Driving Revenue Rankings

The sudden surge in Pump.fun’s revenue is no coincidence. Going back to January 24th, the Meme coin PENGUIN in the Solana ecosystem, under the “unintentional boost” from an official White House tweet, skyrocketed over 760% within 24 hours, with its market cap jumping from $387,000 to $176 million, and daily trading volume exceeding $244 million. This wave of enthusiasm directly translated into revenue growth for the Pump.fun platform.

According to reports, PENGUIN’s success is not an isolated case. Pump.fun co-founder Alon commented on January 26th that this event proves “on-chain transactions have never disappeared; they are just a sleeping giant waiting for the right moment to wake up.” When the right narrative emerges (such as the overlap of official backing and viral culture), liquidity on Solana can still explode.

Solana’s Low-Cost Advantage Is Reshaping Market Rules

The fundamental reason for this reversal in competition lies in costs. For users with only a few tens of dollars in capital wanting to participate in Meme coin trading, Solana’s negligible gas fees mean they can freely try, fail, and try again. Ethereum and its Layer 2 solutions, even after significant fee reductions, still have physical limits. A single swap might cost as much as a milk tea, which is fatal for small traders.

This also explains why most of the current Meme coin craze is happening on Solana. Users vote with their feet, funds follow liquidity, and platform revenue naturally follows.

What Does This Mean

On the surface, this is just a swap of revenue rankings between two platforms. But the deeper implications are more worth noting:

• Market enthusiasm is shifting: The heat of derivatives trading may not be as direct and intense as Meme coin trading
• User behavior is changing: Small traders are flooding in, highly sensitive to fees
• Other chains are being stimulated: The Ethereum Foundation is pushing forward with Plasma solutions, aiming to reduce transaction fees to near zero and re-enter this market

According to related reports, the Ethereum community has already recognized this issue. Some analysts suggest that if Ethereum can achieve ultra-low fees with Plasma, “reboot the casino,” users might return due to security and stability.

Summary

Pump.fun surpassing Hyperliquid in revenue essentially reflects a shift in market attention and capital flow. The explosion of Meme coin activity on Solana is not because Meme coins themselves have extraordinary value, but because this ecosystem offers the lowest entry barriers and transaction costs.

In the short term, as long as Meme coin popularity remains high, Pump.fun’s revenue ranking may continue to hold. But in the long run, this competition is just beginning. Other chains are rising to catch up, and user preferences will change with the market environment. The true winner will be the platform that can find the best balance between security, stability, and low fees.