Fomo, a mobile social trading platform primarily deployed on Solana, achieved a record week from August 3 to 9 with $522.8 million in volume, $3 million in fees, and nearly 50,000 daily active traders. The platform also reached a new weekly net revenue record of $1.88 million. Fomo reportedly raised $94 million in total, including $75 million in a Series B led by Index Ventures in June 2026, at a reported valuation of $550 million. In response to this surge, Pump.fun reacted on August 7 by eliminating trading fees and adding cross-chain transactions via USDC. The PUMP token rose more than 30% over seven days, pushing its market cap above $1 billion.
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