Solana’s Memecoin Platform Pump.fun Surpasses Ethereum in Daily Revenue

• Pump.fun’s July 1 revenue hit $1.99M, surpassing Ethereum, reflecting memecoin market growth on Solana’s blockchain.
• Celebrities like Davido and Iggy Azalea launched memecoins on Pump.fun, boosting platform popularity despite scam risks.
• Pump.fun’s cumulative revenue soared to $50M by June 30, driven by over 1.2M tokens and high user engagement.

On July 1, the Solana-based memecoin startup Pump.fun generated $1.99 million in fees, surpassing Ethereum’s $1.91 million for the same day. This notable performance highlights the increasing interest and activity in the memecoin market, particularly on Solana’s blockchain, which offers low fees and a user-friendly interface.

Record-Breaking Revenue

Pump.fun, launched in January, has seen remarkable success. According to DeFiLlama, the platform’s cumulative revenue surpassed $50 million as of June 30, marking a 63% rise from early June when revenue was $30.85 million. This surge shows Pump.fun’s impact on the memecoin market.

A key factor in Pump.fun’s success is the high number of tokens deployed on its platform. Data from Dune Analytics shows that on the last Monday of June, over 11,528 tokens were launched, bringing the total number of tokens created on Pump.fun to nearly 1.2 million. This high level of activity has significantly contributed to the platform’s impressive revenue generation.

Accessible and Reasonably Priced

Pump.fun operates on Solana’s blockchain, known for its low transaction costs and ease of use. This has made it an attractive option for memecoin creators, including those interested in celebrity-themed tokens. The platform gained traction in late May when celebrities like Davido, Iggy Azalea, Trippie Redd, and Caitlyn Jenner launched their own memecoins on Solana. However, the platform’s accessibility and affordability have also attracted scammers, highlighting the need for caution in the memecoin space.

Increasing Scams on Pump.fun

While Pump.fun’s growth is impressive, it has faced challenges with fraud. The low cost of launching tokens has led to accumulation of scam tokens. Common scams include the “Simple Dev Dump,” where developers quickly sell off tokens to manipulate the market, and the “King of the Hill” scheme, where massive sell-offs by developers cause panic among traders, leading to a market crash.

Despite these challenges, Pump.fun’s success has had competition from Dexscreener’s Moonshot, another Solana-based memecoin launchpad that accumulated nearly $500,000 in its debut week. The financial successes and dominant market share of Pump.fun highlight its influence on the memecoin market and the broader cryptocurrency ecosystem, particularly within the Solana community.