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Mr Veal originally set a fund raising target of $US15,000 ($A16,700) but as of lunchtime on Thursday, donations had exceeded $US80,000 ($A89,000).
"We just can not believe how many lives Christopher has touched and glad we can do so much in his memory."
Mr Lane's Australian sporting home, the Essendon Baseball Club, will use this weekend's match against the University of Melbourne on Sunday as a tribute to Omega Men's Speedmaster their fallen friend to raise money for the family.
"We are so grateful for everyone's generosity and truly are touched by the support we have received," the message read.
Mr Lane's family posted a message of thanks early on Thursday morning, saying they were overwhelmed by the kindness of strangers.
Mr Lane's girlfriend Sarah Harper will also travel to Melbourne for the baseballer's funeral, which is yet to be arranged.
Local police chief Danny Ford said in an interview with Fairfax Media that the 17 year old had told police that as Mr Lane had run past, one of them had said, "That's our target" and had pursued him before shooting him with a small calibre handgun.
"Please help us raise money to cover all expenses for Chris's family to be able to fly to Oklahoma to receive his body and take him back to Melbourne, Australia."
Chris Lane memorial site raises
It is a disgrace for the United States."
More than 6000 people shared the fund raising site's address on Facebook and the original post asking for donations was retweeted 4400 on Twitter.
The pair had been back in the US for just three days and Mr Lane was staying with Ms Harper in Duncan before going back to Oklahoma's East Central University, where he majored in finance and was on a baseball scholarship, playing the position of catcher on the team.
A Duncan resident, Ms Harper told reporters on Wednesday she would travel to Australia to "go back and say goodbye with the people he loved the most."
In total, $US80,387 was raised by 2137 people in two days.
John Bladen, of Oklahoma, donated $US100 and posted, "I'm so sorry for your loss. Omega Seamaster Planet Ocean 600m Lmpo Noob V4
Mr Veal said he had recently spoken with Mr Lane's father, Peter, and they had agreed any funds left over would go towards starting the "Christopher Lane Foundation", an as yet undefined sporting fund for young baseballers.
Mr Lane who grew up in Oak Park in Melbourne's north and Ms Harper recently travelled to Australia for an eight week break to visit the star baseballer's friends and family.
Julian Sanchez donated $US10 and added a personal touch: "I don't know Chris Lane at all but deep inside of me is nothing but anguish and sorrow for such a Omega Speedmaster Tv
"We are blessed to now be able to give Chris the farewell he deserves and any remaining money will go into a Christopher Lane Fund which will provide support to an organization Christopher was passionate about.
Many donations were anonymous and ranged between $US10 500.
Mr Lane, 22, was jogging along a quiet street on Friday afternoon in Duncan when he ran past three boys aged 15, 16 and 17 who wanted to kill someone, it is alleged.
senseless loss at such a young age! Please send my condolences to his Girl Friend, friends and families in Australia!"
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