- Pump.fun is a platform for creating memecoins.
- It was launched in January 2024.
- Crypto’s memecoin market is worth $72 billion.
Pump.fun has turned the absurdity of joke tokens into a lifetime revenue of more than $800 million since debuting in January 2024, according to data on Dune.
The memecoin generator collects fees from swaps of the tokens created on its rails, monetising crypto traders’ appetite for irony and speculation.
In the past, the platform has allowed users to create storied memecoins like Fartcoin and Chill Guy.
Pump.fun’s model seems simple, yet effective. Users create tokens on the platform. Then speculators pile in, searching for the next viral memecoin that could deliver huge profits for early buyers, while the platform takes a small piece of the pie.
The $800 million milestone comes as Pump.fun has reasserted its dominance of the Solana memecoin market. Rival platform LetsBonk briefly drew attention and market share away from Pump.fun, but the pendulum has swung the other way.
Still, upstarts like Bags are working to carve their own niche in the $72 billion memecoin market by wooing creators with revenue-sharing perks.
The memecoin mania of 2024, turbocharged by low transaction fees on Solana, catapulted Pump.fun into a lucrative cryptocurrency business.
Alongside the riches, however, the platform has been hit by numerous controversies, including accusations of enabling the proliferation of content that promoted violence, harassment, and sexual exploitation.
Pump.fun also launched its token in July after a public sale that raised almost $600 million. The token is up 34% in the last three weeks but is trading at less than half of its July 16 peak price.
Crypto market movers
- Bitcoin is up 0.4% over the past 24 hours to trade at $115,530.
- Ethereum is up 0.4% to trade at $4,306.
What we’re reading
- Lido eyes ‘low-risk staking’ to boost flagging market share — DL News
- SEC Delays Deciding on Multiple Crypto ETFs Until October — Unchained
- Wyoming Becomes the First to Launch a State-Issued Stablecoin — Bloomberg
- Circle’s Arc Blockchain Integrates With Fireblocks — Unchained
- 1inch DAO fights for revenue as delegate calls it a ‘front’ for decentralisation — DL News
Osato Avan-Nomayo is our Nigeria-based DeFi correspondent. He covers DeFi and tech. Got a tip? Please contact him at osato@dlnews.com.
