Pump.fun, a prominent memecoin platform on Solana, is diversifying into utility tokens with its new incubator, Spotlight. This initiative aims to tackle exposure and liquidity issues for emerging projects. Despite a decline in Solana's memecoin market share from over 50% to 10%, Pump.fun maintains over $1 million in daily revenue and has allocated $162.5 million for $PUMP token buybacks. Anticipation is building among traders for a potential $PUMP airdrop, fueled by recent social media hints.