Pump.fun has collected almost $300 million in fees so far this year, thanks to the high trading volume of meme coins.
Pump.fun, a Solana-based meme coin launchpad, has dominated Ethereum, the largest blockchain by total value locked, over the past nine weeks.
According to data from Token Terminal, Pump.fun accumulated $294.3 million in fees year-to-date, surpassing Ethereum’s $248.7 million. The protocol has registered a total trading volume of $29.7 billion YTD.
Data shows that the Solana-based meme coin platform has been dominating Ethereum’s weekly fees since Feb. 24.
While the number of daily active Pump.fun users increased by 18% to 156,200, its monthly users declined 2.5% to $2.3 million active wallets, according to Token Terminal.
What makes Pump.fun so attractive to the masses is Solana’s transaction speed, currently 4,300 transactions per second, and the layer-1 network’s low fees, currently $0.0038, Token Terminal data shows.
Another key driver behind the platform’s fame is that token creators can’t directly allocate tokens to their wallets, enforcing a fair launch process.
However, it’s important to note that the potential that anyone can create a meme coin anonymously on Pump.fun has also increased the number of fraudulent actors, launching and promoting scam tokens.
Pump.fun Defies Broader Market, Bitcoin
The Pump.fun ecosystem has decoupled from the broader cryptocurrency market in the latest corrections.
According to data from CoinMarketCap, tokens launched on the Solana-based platform saw a 3.5% increase in their cumulative market cap, surpassing the $3 billion mark.
The rise in Pump.fun tokens comes as the global crypto market capitalization declined by 1% to $2.95 trillion.
Bitcoin BTC $69 286 24h volatility: 3.7% Market cap: $1.39 T Vol. 24h: $38.20 B also registered a 1.4% correction from a local high of $96,000 and is currently hovering around $94,700.
The latest correction came due to the overheated market conditions and the fear of missing out, also known as FOMO. Bitcoin’s rise back above the $95,000 mark can potentially push the broader market with it, targeting the crucial $100,000 price point for the digital gold.
next