Memecoins
Memecoin Infrastructure Takes Over DeFi
Pump.Fun and Telegram bots accounted for nearly $50 million in revenue in June.
Memecoin-specific applications made up five of the top 15 revenue-generating products in DeFi for the month of June.
Token Launch Pump.Pleasure was the second most profitable product, behind the Ethereum mainnet, and the platform even surpassed Ethereum in terms of 24-hour revenue on July 1.
Top protocols by 30-day turnover
Telegram trading bots such as Trojan, BananaGun, Maestro and BonkBot also all made it into the top 15, with Trojan notably generating more revenue than UniswapThese bots collectively generated $27.6 million in revenue over the past 30 days.
Memecoin Supercycle
Crypto Twitter has dubbed 2024 “the memecoin supercycle,” and onchain trading services have become a competitive field for developers over the past year.
The modern onchain trader is now armed with Telegram and Discord bots, portfolio trackers, social media trackers, custom RPCs, and suites of tools to help them discover the next PEPE or WIF.
Telegram trading bots were popularized with the launch of Unibot in 2023, which processed more than $3 million in daily volume at its peak, topping $9 million in a single day in August.
Unibot’s token has reached a market cap of $220 million. However, since the launch of competitors such as BananaGun and the rise of Solana memecoins, Unibot’s token has dropped by 96%, and the bot has generated an average of just $1.2 million per day over the past week.
On the other hand, BananaGun’s token is still trading near an all-time high, with a fully diluted valuation of $449 million. BananaGun had initially claimed market share from Unibot due to its bundled bribe feature on new token snipes.
Since its launch, BananaGun has continued to integrate with other chains such as Solana, Base, and Blast, and has traded a average of $19 million in volume per day over the past week.