Memecoins
Pump.fun Hits $30 Million in Revenue Amid Solana Memecoin Craze
Once again, memes have taken center stage, captivating investors and enthusiasts. Over the past month, there has been a whirlwind of meme-centric news, ranging from the return of “Roaring kitten“on X to the unfortunate death of Kabosuthe iconic dog and face of Dogecoin.
Moreover, the surprise of aEthereum spot ETF approved 19b-4 from the SEC has also supported the crypto market. However, it was the meme energy that truly stole the show, especially last week.
PolitiFi, a new subsector including memecoins named after lawmakers, has become a hub of commerce following former President Donald Trump’s guilty verdict in his secret trial. Although these tokens are not officially associated with these legislators, there is huge excitement around them.
Additionally, some celebrities who had abandoned crypto during the market downturn were seen coming back on board. Caitlyn Jenner first made headlines launch its own token on Pump.fun and promotes it on both X and Instagram. At first, people doubted it, but she confirmed it through a video post. She later moved the token to Ethereum using the fees collected to support Trump’s cause.
Rapper Iggy Azalea also joined the trend by launching her $MOTHER token on Solana in 2017. answer to an unauthorized IGGY token. Revenue at Pump.fun, a Solana-based memecoin launchpad, was also boosted by the meme frenzy.
The platform recovered from a recent $1.9 million hack that occurred on May 30, with a record revenue of $1.48 million.
Chart showing Pump.fun’s current earnings | Image source: Défiliama
This explosion indicates increased interest in new tokens that could be the next big thing memecoin users are looking for. Over its lifetime, Pump.fun has raked in an impressive $31.8 million in revenue and is firmly established as Solana’s go-to place for token building.
It is clear that memes and associated tokens will remain important drivers of engagement, investment and celebrity involvement within the cryptocurrency ecosystem as it continues to evolve.