Revenue for meme token startup Pump.fun's platform hit a record in July

Also last month, Lunchpad overtook the Ethereum blockchain in terms of daily revenue on a one-time basis

13.08.2024 - 15:20

2403

2 min

What’s new? In July, Solana blockchain-based meme tokenization platform Pumpfun earned $28,73 million, marking its highest monthly revenue on record. It's also notable that Pumpfun surpassed the Ethereum blockchain in daily revenue on July 29: $864 000 versus $555 000.

Source: X.com

What else is known? The platform's success can be attributed to retail traders' growing interest in meme tokens and the Solana blockchain itself, on which many of the most popular humor coins have been issued in the current market cycle. These include dogwifhat (WIF), BONK, POPCAT, Book of Meme (BOME) and cat in a dogs world (MEW).

Pump.fun has also been used to launch celebrity meme tokens, including hip-hop singer Iggy Azalea (coin under the ticker MOTHER).

The Pump.fun platform is designed to launch meme tokens using the fair launch model, which assumes that all coins are issued one-time, without presale and reserve for certain groups of investors. With its help, anyone can launch their token in a few clicks for less than $2.

Demand for meme tokens continues to grow despite price volatility. For example, WIF and BONK coins have already taken the fifth and sixth places in the Solana-based cryptocurrency ranking by market capitalization with $1,7 billion and $1,4 billion, respectively. BONK and POPCAT added more than 15% over the day, and another Solana-based coin, Gigachad (GIGA), added 42%.

In general, the capitalization of meme coins on Solana for the last day increased by 4,2% and exceeded $ 6,5 billion, and the total capitalization of the sector added 3% and reached 41 billion.

At the same time, data from analytics platform Dune shows that the share of successful tokens — which were launched on Pump.fun and were able to enter the market of Solana's leading DeFi protocol Raydium — is only 1,41%. The figure has fluctuated between 1,21% and 1,41% since May, and reached an all-time high of 2,56% on February 16.

Author: