Memecoins
Memecoin Deployer Pump.Fun’s Daily Revenue Surpasses Ethereum’s
Pump.Fun’s annualized revenue, calculated by taking the last 30 days of revenue data and multiplying the figure by 12, is expected to be $268.95 million, DefiLlama shows.
Despite a $1.6 billion decrease in the total memecoin market cap since June 17, from $53.3 billion to $51.7 billion according to CoinGecko, Pump.Fun is generating an average of $692,000 in daily revenue, indicating continued memecoin activity.
(Pump. Funny)
Posted on July 2, 2024 at 12:11 p.m. EST.
The memecoin frenzy shows no signs of slowing down. Solana-based memecoin deployer Pump.fun surpassed Ethereum in revenue generated over a 24-hour period on Monday.
Pump.Fun, a platform where cryptocurrency users can create memecoins at low cost, has hit an all-time high, generating $1.99 million in revenue over a 24-hour period, according to blockchain analytics firm Llama ChallengeThis surpassed the daily revenue figures generated by popular Layer 1 blockchains such as Ethereum’s $1.19 million in revenue, Tron’s $1.58 million, and Solana’s $806,957.
Pump.Fun’s revenue surge comes from the memecoin frenzy that has largely taken place on Solana, with celebrities such as Caitlyn Jenner, Iggy Azalea, Rich The Kid and Davido using the platform to launch their own memecoins.
Learn more: Solana attracts attention from mainstream celebrities
Some examples of success
While some tokens have seen some success, such as Azalea’s MOTHER token, which reached a market cap of around $150 million before settling around $53 million At the time of writing, success stories are few and far between with nearly 1.2 million tokens deployed via Pump.Fun since its inception, all competing for market attention, a Dune Analytics dashboard from Asia-based blockchain firm Hashed shows. watch.
For example, most celebrity tokens, such as Nigerian singer-songwriter Davido’s memecoin, have seen their prices are falling since their launch in May.
Projected revenues
Even though the market cap of all memecoins has decreased by $1.6 billion since June 17, from $53.3 billion to $51.7 billion at press time according to CoinGecko, Pump.Fun has been able to generate an average of $692,000 in revenue per day, a sign that people are still using Pump.Fun for memecoin-related activities.
If the memecoin momentum continues, the platform is expected to generate annualized revenue of $268.95 million, which DefiLlama calculates by taking the last 30 days of revenue data and multiplying the figure by 12. Pump.Fun reported revenue of $22.05 million in June.
Pump.Fun generates revenue in several ways, namely a 1% swap fee on those who trade memecoins on the site and an additional two SOL fee when the token is listed on the Raydium decentralized exchange.
