DefiLlama estimates Pump.Fun's full-year revenue will be $268.95 million, calculated by multiplying the past 30 days of revenue data by 12.
According to CoinGecko, since June 17, the meme coin market capitalization has fallen by $1.6 billion, from $53.3 billion to $51.7 billion, but Pump.Fun's average daily revenue of $692,000 indicates continued meme coin activity.
(Pumps and Fans)
Posted on July 2, 2024 at 12:11pm EST.
The meme coin craze shows no signs of slowing down: Solana-based meme coin developer Pump.fun surpassed Ethereum in revenue generated in a 24-hour period on Monday.
Pump.Fun, a platform that allows cryptocurrency users to mint meme coins at low cost, hit an all-time high, generating $1.99 million in revenue within 24 hours, according to the blockchain analytics firm. DefilamaThis surpasses the daily revenue generated by popular Layer-1 blockchains such as Ethereum’s $1.19 million, Tron’s $1.58 million, and Solana’s $806,957.
Pump.Fun's revenue surge is largely due to the meme coin craze that has emerged on Solana, with celebrities such as Caitlyn Jenner, Iggy Azalea, Rich the Kid and Davido using the platform to launch their own meme coins.
Read more: Solana gets attention from mainstream celebrities
Few success stories
While some tokens have seen success, such as Azalea's MOTHER token reaching a market cap of around $150 million and settling at around $53 million at the time of writing, success stories are rare, and with nearly 1.2 million tokens deployed since inception through Pump.Fun, all vying for market attention, this is the Dune Analytics dashboard by Asia-based blockchain company Hashed. show.
For example, most celebrity tokens, such as the meme coin of Nigerian singer-songwriter Davido, Prices plummet Since its release in May.
Projected Revenue
According to CoinGecko, the overall market capitalization of meme coins has fallen by $1.6 billion since June 17, from $53.3 billion to $51.7 billion at press time, but Pump.Fun has generated an average of $692,000 in daily revenue, indicating that people are still using it for their meme coin activities.
If memecoin momentum continues, the platform's annual revenue is projected to reach $268.95 million, calculated by DefiLlama by multiplying revenue data from the past 30 days by 12. Pump.Fun recorded $22.05 million in revenue in June.
Pump.Fun makes money in a few ways: a 1% swap fee from people trading meme coins on the venue, and an additional 2 SOL fee when the token is listed on decentralized exchange Raydium.
