Solana's Memecoin Platform Generates $1.99 Million Surpassing Ethereum and Setting New Records

July 3, 2024 at 09:10 AM GST 2 mins read Crypto Live News

Pump.fun on Solana outpaced Ethereum, generating $1.99M in fees on July 1, highlighting memecoin market interest.
Pump.fun’s cumulative revenue exceeded $50M as of June 30, a 63% rise since early June, showing strong market impact.
Over 1.19M tokens launched on Pump.fun, driven by Solana’s low fees and user-friendly interface, attracting memecoin creators.

On July 1, the Solana-based memecoin startup platform Pump.fun set a new record by generating $1.99 million in fees, according to DeFiLlama. This positioned Pump.fun as the highest-earning protocol and application for the day, surpassing Ethereum’s $1.91 million in fee revenue. This performance highlights the growing interest and engagement in the memecoin space, particularly on Solana’s blockchain.

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According to DeFiLlama, Solana Memecoins startup platform Pumpfun captured $1.99 million in fees on July 1, setting a new record and surpassing Ethereum’s fee revenue ($1.91 million) on the same day, making it the highest-earning protocol and application in the statistics.…
— Wu Blockchain (@WuBlockchain) July 3, 2024

Record-Breaking Revenue

Pump.fun has seen remarkable success since its launch in January. DeFiLlama reports a cumulative platform revenue of over $50 million as of June 30. The currently reported revenue is $50.26 million, up nearly 63% from the beginning of June when the revenue was $30.85 million. This surge in revenue shows Pump.fun’s impact on the memecoin market.

One of the key factors contributing to Pump.fun’s success is the high volume of tokens deployed on its platform. On the last Monday of June, over 11,528 tokens were launched, bringing the total number of tokens created via Pump.fun to 1,199,685, as per data from Dune Analytics. This high level of activity has contributed to the platform’s impressive revenue generation.

Accessible and Affordable

Pump.fun runs on Solana’s blockchain, which is renowned for having an easy-to-use interface and cheap transaction costs. Because of this, memecoin enthusiasts including those who want to make tokens with celebrity themes find it to be an appealing alternative.

When celebrities like Davido, Iggy Azalea, Trippie Redd, and Caitlyn Jenner introduced their own memecoins on Solana in late May, the concept began to take off. Solana’s blockchain has gained popularity among both legitimate artists and those attempting to take advantage of the system due to its accessibility and affordability. Users of the platform are put in danger by this, which emphasizes the need for prudence and monitoring in the memecoin arena.