Pump. fun, the Solana-based memecoin generator which allows users to create a memecoin instantly with few clicks has surpassed 1 million Solana in earnings with its ecosystem market capitalization hitting the $2.31 billion mark.
The 1 million Solana earned by Pump. fun is worth over $188.5 million making Pump. fun one of the fastest crypto resources close to hitting the $200 million revenue mark.
Pump. Fun which is barely a year old crossed the $100 million revenue mark last month in a record 217 days.
The milestone confirmed Pump. Fun as one of the fastest crypto applications to hit the $100 million mark. Since crossing that milestone, Pump. fun revenue has added another $88 million.
The surge in Pump. fun revenue is a direct result of two main factors. The Increase in Pump. Fun’s Solana holdings and the general surge in Solana price level.
Pump. fun earns Sol tokens on each memecoin created on it. The crypto apps hold a significant amount of Solana tokens even after selling 264,373 SOL in September.
Following the Uptober surge, Other crypto assets besides Bitcoin witnessed a surge in price levels. Solana is one of such assets with Pump. Fun surge in revenue reflecting the surge of Solana asset itself.
Pump.Fun Ecosystem
The Pump. fun ecosystem which comprises the Pump. fun application and all the memecoins created with it have experienced significant growth.
The market cap of meme coins created within the Pump. fun ecosystem has risen by 8.8% in 24 hours, reaching a combined value of $2.31 billion, according to data from CoinGecko.
Topping the list of memecoins is Goatees Maximus the ecosystem’s largest token, worth $620 million and accounting for 26.8% of the total market cap.
Other major crypto assets in the Pump. fun ecosystem includes Fwog (FWOG), with a market cap of $262.29 million, and Moo Deng (MOODENG), valued at $223 million.
Onchain, Pump. fun’s daily transaction volume has also witnessed a significant surge.
As of Oct. 26, the daily transaction count had slumped to a two-week low of 21,137.
But as of yesterday, total transactions in the Pump. fun ecosystem has spiked to 34,462, the highest in five days. This brought Pump. fun’s total transaction count to 2.82 million.
What to Know
- Pump. fun memecoin generator was used to generate several celebrity-backed memecoins like $Davido, $Mother, and $Sabicoin. The application has come under fire for its exploitation by bad actors who use it to facilitate Pump and dump schemes.
- Pump. fun is rivaled by another memecoin generator SunPump built on the Tron blockchain which offers the same features and ability to create memecoins with few clicks.
