Defillama data shows that Pump.fun's revenue in the past 24 hours reached $1.09 million, surpassing Hyperliquid's $896,000, ranking only behind Tether and Circle in the protocol revenue leaderboard.

The revenue from the meme token issuance platform can outperform top derivative DEXs, indicating that the demand for on-chain casinos remains strong.

However, Pump.fun is highly reliant on meme popularity, and its revenue fluctuations can be significant.