Memecoins
Solana Memecoin Launchpad Pump.Fun Generates Record Monthly Revenue of $25.6 Million
After its mainnet launch in February 2024, Pump.Fun’s revenue has increased every successive month.
At its current pace, Pump.Fun is expected to generate $336 million in revenue this year, highlighting the continued popularity of memecoins.
(Shutterstock/Miha Creative)
Posted on July 31, 2024 at 2:35 p.m. EST.
Pump.Fun, a token launchpad native to the Solana blockchain network, continues to help fuel the frenzy around cryptocurrencies inspired by memes and internet jokes.
The platform known for helping users create memecoins generated record revenue of about $25.6 million for the month of July, up about 16% from $22 million last month, according to data from DefiLlama. watch.
Tokens created through Pump.Fun are intended to be what’s known as a “fair launch,” meaning there’s no pre-sale or team allocation. When a memecoin is created on Pump.Fun, the protocol charges a 1% fee on all transactions until the token reaches a market cap of $69,000, after which the token is listed on the Raydium decentralized exchange and a portion of the token’s liquidity is burned.
Learn more: Memecoin Deployer Pump.Fun’s Daily Revenue Surpasses Ethereum’s
Pump.Fun’s record revenue for July was due to the owner of Kabosu, a Shiba Inu pet dog whose photo inspired the original DOGE memecoin, sharing photos on X of a new Shiba Inu dog they were adopting named Neiro (Kabosu passed away in May).
On the same day that Kabosu’s owner announced the adoption of Neiro, a token bearing the symbol NEIRO spear on Pump.Fun. Since then, NEIRO has accumulated a market cap of $33.5 million. Additionally, the SOL-NEIRO liquidity pool on Raydium has had the second highest fees among all pools in the last 24 hours, with over $108,000 raised at the time of writing.
Since its mainnet launch in February 2024, Pump.Fun’s monthly revenue has increased each successive month. The Solana-based memecoin launchpad’s cumulative revenue now stands at $77.8 million and is on track to reach $336 million for the year, underscoring the demand from cryptocurrency users for services that help them create memecoins.
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“Pump(dot)Fun, as a fair launch platform that burns cash once market cap is reached, is an interesting solution to this problem. [of fake volume that tricks people into buying pump and dump scams] — since by definition, launching the coin at a minimum market capitalization of $69,000 requires some [thousand dollars] lost by the transmitter at [increase its market cap] and get listed on Raydium,” Flipside Crypto data scientist Carlos Mercado wrote in a Telegram message to Unchained.
“However, when users hear about celebrity coins and cute puppy tokens…they (1) generate fees for the blockchain [and] (2) onboarded users who, hopefully, after not losing too much, will stay for the most viable opportunities,” Mercado added.