Solana-based platform for memecoin creation, Pump.fun, has hit a remarkable record of $28.73 million in monthly agreement income for July. This figure, first and foremost, goes to show the increasing popularity of memecoins. Additionally, it also shows that the platform is not only playing a prominent role in this growing popularity but also contributing largely to an expanding cryptocurrency market.
According to an August 13 X post from Entropia Intel, Pump.fun’s achievement is noteworthy not only for its scale but also for its timing. Late last month, the platform made headlines after surpassing Ethereum in 24-hour revenue. On the day, it generated $864,000 as opposed to Ethereum’s $550,000 within the same period. Performances like that have left no doubts about Pump.fun’s growing influence and popularity in the memecoin sector.
Pump.fun Sets New Record amid Growing Retail Interest
Meanwhile, the platform’s impressive income explosion is attributed to increasing retail interest in memecoins, particularly on Solana’s blockchain. For what it’s worth, Pump.fun has been very instrumental in the launching of some of the most popular memecoins of the current cycle. High-profile endorsements have further fueled this trend, with celebrities such as Caitlyn Jenner, Iggy Azalea, and Rich The Kid recently introducing their own tokens on Pump.fun.
Despite a broader market’s volatility, the demand for memecoins remains eye-catching. An undeniable evidence of this is the dog-themed memecoin Dogwifhat (WIF). WIF recently climbed to become the fifth-largest Solana-based crypto by market capitalization. That is after it gained over 20% in the past week alone.
In the larger context of the memecoin market, total trading volume for meme tokens has risen by 3% over the past 24 hours, reaching $3.57 billion. However, their total market capitalization has decreased by 2.3% to $38.3 billion, according to CoinMarketCap data.
Despite Pump.fun’s success, a significant portion of the memecoins launched on the platform has not achieved lasting success. Data from Dune Analytics reveals that only 1.41% of these tokens have made it onto Raydium, a Solana-based decentralized finance protocol. This rate has remained relatively stable since May, with the highest historical success rate recorded at 2.56% in February.
