Out of its cumulative revenue generated of nearly $29 million, $1.48 million of it came in the last 24 hours, a new record for the Solana-based platform.
Pump.Fun has since recovered from its exploit on May 16, which prevented the project from generating any revenue for the following two days.
(DefiLlama)
Posted May 31, 2024 at 3:58 pm EST.
Solana-based memecoin deployer Pump.Fun continues to break its record for daily revenue generated, a sign of continued growth for the months-old platform.
According to blockchain analytics firm DefiLlama, Pump.Fun has generated $1.48 million fees in the past 24 hours, the highest daily revenue generated in a day since the project started receiving fees back in March. Cumulative revenue sits at $28.8 million at presstime.
Pump.Fun’s revenue level in the past 24 hours is second most among various protocols, behind Ethereum’s base layer but in front of synthetic dollar issuer Ethena, layer 1 blockchain network Tron, and Solana itself. This is also the fourth time in May where the memecoin factory has broken its previous all-time high in daily revenue.
“As we’ve seen over recent weeks and months, Solana has been the home for memecoin activity, with many turning relatively small amounts of funds on Pump(.)Fun into significant sums, despite it being incredibly high-risk and on the verge of gambling,” wrote Edward Wilson of onchain intelligence firm Nansen, in a Telegram message to Unchained.
Read More: Avalanche Foundation Reveals Its 5 Initial Memecoin Holdings
Memecoin Mania
The daily revenue record at the tail-end of May comes as crypto users have transacted in total nearly 800,000 times to deploy tokens through Pump.Fun since its inception, according to data from a Dune Analytics dashboard created by Hashed.
Of these early adopters, a handful of them are mainstream celebrities, such as Olympic gold medalist Caitlyn Jenner, Nigerian singer-songwriter Davido, and American hip-hop artist Rich The Kid, all of which deployed their tokens in the past seven days.
“The memecoin mania isn’t sustainable, though it may continue for some time,” Wilson added.
However, data scientist Carlos Mercado from Flipside Crypto said Pump.Fun’s system for memecoin fair launches was “interesting” because after a token reaches a certain market cap the token’s “bond curve grows then locks liquidity.” After a memecoin reaches $69,000 in market cap, $12K of liquidity is then deposited in Raydium and burned,” according to Pump.Fun’s landing page.
Powered by WPeMatico
