https://www.bitget.com/academy/what-is-pumpfun-pump-and-how-does-it-work
Pumpfun, a Solana-based memecoin launchpad, has recently overtaken Hyperliquid in 30-day revenue, achieving the third-highest revenue among crypto protocols over the past 24 hours. Pumpfun’s revenue surge positions it behind only Tether and Circle, and just ahead of Hyperliquid, a perpetuals protocol known for its volatile revenue tied to derivatives activity. The developments highlight Pumpfun’s strong short-term performance, primarily driven by token launch and fees, while raising questions about Hyperliquid’s competitive position in the market.
Hyperliquid, traditionally a strong performer in crypto revenue rankings, has been surpassed by Pumpfun, indicating a shift in the competitive landscape. Hyperliquid’s revenue, which can fluctuate sharply with volume, appears less robust than Pumpfun’s recent earnings surge. This shift could influence market perceptions about Hyperliquid’s future performance and its ability to achieve price targets.
The market for Hyperliquid’s price prediction by December 31, 2026, has seen a modest decline in confidence. The news of Pumpfun’s revenue achievement appears to have contributed to a reduction in Hyperliquid’s perceived competitiveness, with the odds of reaching a $100 target by the end of the year decreasing to 11.5% from 12% just 24 hours ago.
