Memecoin Deployer Pump.Fun's Daily Revenue Surpasses Ethereum

Pump.Fun, a token launchpad native to the Solana blockchain network, continues to help fuel the frenzy around cryptocurrencies inspired by internet memes

Solana (SOL)-based memecoin deployer Pump.Fun continues to aid in the hype around cryptocurrencies inspired by internet memes and jokes.

The platform, known for helping users create memecoins, generated a record high of roughly $25.6 million in revenue for July, a roughly 16% increase from last month’s $22.0 million, data from DefiLlama shows.

Tokens created via Pump.Fun are intended to be what is called “fair-launched,” meaning without a presale or team allocation. When a memecoin is created on Pump.Fun, the protocol takes a 1% fee from all transactions until the token reaches a market cap of $69,000, after which the token gets listed on decentralized exchange Raydium and a portion of the token’s liquidity gets burned.

Pump.Fun’s record revenue for July came after the owner of Kabosu, a Shiba Inu pet dog whose photo inspired original memecoin DOGE, shared photos on Instagram of a new Shiba Inu dog they were adopting named Neiro (Kabosu passed away in May).

The same day that Kabosu’s owner announced Neiro's adoption, a token with the ticker NEIRO launched on Pump.Fun. Since then, NEIRO has garnered a market cap of $33.5 million. In addition, the SOL-NEIRO liquidity pool on Raydium has had the second-most fees among all pools in the past 24 hours, with over $108,000 amassed at the time of writing.

Following its mainnet rollout in February 2024, Pump.Fun’s monthly revenue figure has risen each successive month. Cumulative revenue for the Solana-based memecoin launchpad now stands at $77.8 million and is on pace to hit $336 million for the year, highlighting the demand among crypto users for services that help them create memecoins.

“Pump(dot)Fun, as a fair launch platform that burns liquidity once the market cap is reached, is an interesting counter to this problem [of fake volume that tricks people into buying pump and dump scams] — since by definition to launch the coin at the $69K market cap minimum requires a few [thousand dollars] lost by the issuer to [increase its market cap] and get listed on Raydium,” wrote Flipside Crypto’s data scientist Carlos Mercado in a Telegram message to Unchained.

“Nonetheless, as users hear about celebrity coins and cute puppy tokens…they (1) generate fees for the blockchain [and] (2) onboard users who, hopefully after not losing too much, stick around for the more viable opportunities,” Mercado added.

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