Solana memecoin incubator Pump Fun is achieving unprecedented levels of user adoption, solidifying its position as the breakout star of the 2024 crypto market cycle.
With more than $27.7 million in monthly fees for November, Pump.Fun is on track to break its all-time high in fees generated. If activity continues at its current pace, Pump.Fun’s projected fees at month’s end will exceed $41.6 million, representing a 36% jump from the current record of $30.5 million in fees set last month, data from blockchain analytics firm DefiLlama shows.
Pump Fun’s daily active addresses and daily tokens launched both also achieved new peaks, according to a Dune Analytics dashboard created by Jack Gorman, a data scientist at investment firm Variant.
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On Tuesday, a record 175,910 wallet addresses were active on Pump Fun, more than double the amount that were active 30 days ago. And on Monday, crypto users launched 51,257 tokens through the memecoin factory, whereas the previous month never saw a single day where more than 36,000 tokens were created, per Gorman’s dashboard.
Pump.Fun climbing to new heights comes as memecoins, or tokens based on internet jokes and culture, continue to attract mindshare from crypto natives, investors who were part of previous cycles, and new onchain users.
“[Pump Fun is] a huge success; I don’t think we can call it anything less,” Nicolai Søndergaard, a research analyst at blockchain analytics firm Nansen, told Unchained. “I have a lot of people now reaching out to me, who I haven’t spoken to in a while, and they’re suddenly talking about, ‘Hey, we found this thing called Pump.Fun’ or ‘Hey, we see this meme, should we do something?’”
Søndergaard said while he believes the current level of activity is unsustainable from a long-term point of view, in the short-term, Pump.Fun could continue to break records, because “it’s new money coming in and new interest… at least while everyone’s still talking about memes.”
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Zooming further out, Scott Guenther, head of finance at exchange infrastructure provider 0x, said Pump Fun’s rising levels of onchain activity are signals that the crypto space could get crazier. “I still think that we really have just scratched the surface of what being onchain… can represent in the larger financial markets,” Guenther told Unchained.
Pump.Fun is responsible for generating 13 memecoins that each have a market cap surpassing $100 million, led by Peanut the Squirrel (PNUT) with a market cap of nearly $1.5 billion, and Goatseus Maximus (GOAT) at $937 million.
