Memecoins
Memecoin Distributor Pump.Fun’s Daily Revenue Surpasses That of Ethereum
Pump.Fun’s annualized revenue, calculated by taking the last 30 days’ revenue data and multiplying the figure by 12, is expected to be $268.95 million, DefiLlama shows.
Despite a $1.6 billion decline in total memecoin market cap since June 17, down from $53.3 billion to $51.7 billion according to CoinGecko, Pump.Fun is seeing an average daily turnover of $692,000, indicating ongoing memecoin activity.
(Fun guaranteed)
Published on July 2, 2024 at 12:11 PM EST.
The memecoin frenzy shows little sign of slowing down. Solana-based memecoin distributor Pump.fun surpassed Ethereum in revenue generated in a 24-hour period on Monday.
Pump.Fun, a platform where cryptocurrency users can create memecoins at low cost, has hit an all-time high, generating $1.99 million in revenue in a 24-hour period, according to blockchain analytics firm DefiLlama. This surpassed the daily revenue figures generated by the most popular layer 1 blockchains, such as Ethereum’s $1.19 million in revenue, Tron’s $1.58 million, and Solana’s $806,957.
The revenue surge for Pump.Fun stems from the memecoin frenzy that has largely taken place on Solana, with celebrities such as Caitlyn Jenner, Iggy Azalea, Rich The Kid and Davido using the platform to launch their own memecoins.
To know more: Solana Attracts Attention from Mainstream Celebrities
Few success stories
While some tokens have had some success, such as Azalea’s MOTHER token, which reached a market cap of around $150 million before settling around 53 million dollars At the time of writing, success stories are rare with nearly 1.2 million tokens distributed via Pump.Fun since its inception, all competing for the market’s attention, a dashboard from Dune Analytics of Asian blockchain firm Hashed Shows.
For example, most celebrity tokens, such as Nigerian singer-songwriter Davido’s memecoin, have seen their prices are falling since their launch in May.
Expected revenues
While the market cap of all memecoins has dropped by $1.6 billion since June 17, from $53.3 billion to $51.7 billion at press time, according to CoinGecko, Pump.Fun has managed to generate an average of $692,000 in revenue per day, a sign that people continue to use Pump.Fun for memecoin-related activities.
If the momentum around memecoins continues, the platform is expected to have annual revenue of $268.95 million, which DefiLlama calculates by taking revenue data from the last 30 days and multiplying the figure by 12. Pump.Fun reported revenue of $22.05 million in June.
Pump.Fun earns revenue in several ways, namely a 1% swap fee from those who trade memecoins on the platform and an additional fee of two SOL when the token is listed on the Raydium decentralized exchange.
