This Solana memecoin machine is earning like it’s printing money.
Solana’s memecoin deployer, Pump.fun, has just shattered records by generating a whopping $5.3 million in revenue over the past 24 hours. To put that into perspective, that’s more than the combined daily revenue of the next 24 highest-earning protocols.
As per the latest crypto news, Pump.fun’s earnings soared to $5.33 million in just one day, leaving major blockchain networks like Ethereum and Solana in the dust, with their combined revenues of $2.3 million and $1.6 million, respectively. According to DefiLlama data, Pump.fun outpaced all the top protocols combined, showcasing its meteoric rise.
Pump.fun generates revenue through a 1% commission on all trades happening on its platform, according to cryptocurrency trading news.
However, its rapid growth has sparked debate. Critics argue that Pump.fun, by allowing creators to launch tokens for just $2, is contributing to the demise of the memecoin market.
Instead of shying away from the backlash, Pump.fun has embraced it. They highlight their platform’s ability to facilitate rapid token creation, boasting about launching 10,000 new coins in just three hours during a conversation between Donald Trump and Elon Musk on X space.
On August 9, Pump.fun announced an incentive to reward token creators with 0.5 SOL—about $80 at current prices—if their tokens complete the bonding curve and deploy on the Solana-based automated market maker, Raydium.
This move comes after new data revealed that a staggering 98.6% of tokens launched on Pump.fun never made it through the bonding curve and failed to launch on Raydium.
Launched in January 2024, Pump.fun aims to shake up the memecoin world. Traditionally, memecoin launches were shrouded in secrecy, with creators using pre-sales and hidden token ownership to manipulate the market.
Pump.fun brings transparency to the table. All token data created on their platform is public, allowing anyone to see the total number of tokens and who holds them. This levels the playing field and ensures a fairer launch process.
