The memecoin frenzy is showing few signs of slowing down. Solana-based memecoin deployer Pump.fun surpassed Ethereum in revenue generated over a 24 hour period on Monday.
Pump.Fun, a platform where crypto users can create memecoins at low costs, hit an all-time high, generating $1.99 million in revenue within a 24 hour period, according to blockchain analytics firm DefiLlama. This surpassed the daily revenue figures generated by popular layer 1 blockchains such as Ethereum’s $1.19 million in revenue, Tron’s $1.58 million, and Solana’s $806,957.
The revenue spike for Pump.Fun stems from the memecoin frenzy that has largely taken place on Solana, with celebrities such as Caitlyn Jenner, Iggy Azalea, Rich The Kid, and Davido using the platform to launch their own memecoins.
Read More: Solana Attracts Attention From Mainstream Celebrities
Few Success Stories
While some tokens have seen some success such as Azalea’s MOTHER token reaching a roughly $150 million market cap before settling around $53 million at the time of writing, success stories are seldom with nearly 1.2 million tokens having been deployed through Pump.Fun since its inception, which are all competing for the market’s attention, a Dune Analytics dashboard by Asian-based blockchain firm Hashed shows.
For example, the majority of celebrity tokens, such as Nigerian singer-songwriter Davido’s memecoin, have seen their prices plummet since their launch in May.
Projected Revenue
Even though the market cap of all memecoins has decreased by $1.6 billion since June 17 from $53.3 billion to $51.7 billion at presstime per CoinGecko, Pump.Fun has been able to average $692,000 per day in revenue, a sign people are still using Pump.Fun for memecoin activities.
If the momentum around memecoins sustains, the platform is projected to have an annualized revenue of $268.95 million, which DefiLlama calculates by taking revenue data from the last 30 days and multiplying the figure by 12. Pump.Fun recorded revenue of $22.05 million in June.
Pump.Fun earns revenue in a few ways, namely a 1% swap fee from those trading memecoins on the venue and an additional two SOL fee when the token gets listed to decentralized exchange Raydium.
