Solana
Solana-Based Pump.fun Makes $30 Million in Revenue From Meme Token Launch
- Solana’s Pump.fun token generator generated $30 million in revenue through meme coin generation.
- Pump.fun saw nearly half a million tokens launched in May.
- Solana’s low fees and ease of use play a major role in the meme coin craze.
Pump.fun generated more than $30 million in revenue and recorded more than half a million token generations as of May, according to data from DeFiLlama.
Pump.fun posts impressive revenue growth amid celebrity hype
After a three-week meme coin craze on the Solana blockchain, Pump.fun – one of Solana’s leading token generation platforms – achieved $30 million in revenue in May. This reveals that much of the token growth on Solana is largely due to the influence of Pump.fun. In May alone, the protocol saw half a million token launches, the majority of which were meme coins.
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Pump.fun provides a simple platform where anyone can create a token in just a few clicks.
Due to its ease of use, Pump.fun has become the go-to platform for token generation, especially among meme coin developers. Solana’s low fees and high throughput may also have contributed to Pump.fun’s success, as meme coin creators can easily rally users around their projects without the traditional bottlenecks of blockchain.
For example, several celebrities have used Pump.fun to roll out meme pieces based on their names and creations. Caitlyn Jenner, Iggy Azalea, Donald Trump and Davido are among the celebrities who have released their tokens through Pump.fun.
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However, most of these tokens underwent a rapid pump and dump within days of their launch.
Some in the crypto community believe that the increased launch of meme tokens on Pump.fun may have been partly inspired by the success of previous Solana-based meme coins like dogwifhat (WIF), BONK, and Book of Meme. These tokens were among the main drivers of the coin frenzy in early March.