Pump.fun, a Solana-based memecoin creation platform, achieved a record $28.7 million in monthly revenue for July, reflecting the growing interest in memecoins despite market volatility.
Points
- Pump.fun generated $28.7 million in revenue in July, a new record for the platform.
- The platform has seen significant success, surpassing Ethereum in daily revenue at the end of July.
- Memecoin frenzy continues with major contributors including celebrity token launches.
- Despite high revenue, most memecoins on the platform struggle to sustain market value.
Pump.fun, a platform dedicated to the creation and trading of memecoins on the Solana blockchain, has achieved a remarkable milestone, reporting a record monthly revenue of $28.7 million for July. This achievement underscores the growing retail interest in memecoins, even amidst the broader market’s notorious volatility.
The platform’s success can be attributed to several factors, including the continued popularity of meme-based tokens and the influence of celebrity endorsements. In July alone, Pump.fun managed to surpass the Ethereum blockchain in 24-hour revenue, generating $864,000 on July 29 compared to Ethereum’s $550,000 during the same period. This highlights the intense interest in memecoins and the willingness of retail investors to engage with these highly speculative assets.
One of the key drivers of Pump.fun’s success has been the launch of celebrity-backed memecoins. High-profile figures such as Caitlyn Jenner, Iggy Azalea, and Rich The Kid have all launched their own tokens on the platform, contributing to the memecoin frenzy. This trend reflects the broader appeal of memecoins, particularly among younger investors who are drawn to the novelty and potential for rapid gains.
However, despite the impressive revenue figures, the vast majority of memecoins created on Pump.fun fail to achieve lasting success. Data from Dune Analytics reveals that only 1.41% of tokens launched on the platform manage to get listed on a decentralized exchange （DEX） like Raydium. Moreover, only 15 out of 1.7 million memecoins have sustained a market capitalization of over $10 million for multiple weeks, translating to a minuscule success rate of 0.0001%.
This low success rate has led to criticism of the platform, with some observers likening it to a “slaughterhouse” for investors’ hopes. The recent policy changes on Pump.fun, including the removal of the $2 creation fee, have further fueled concerns about the potential influx of low-quality tokens, which could dilute the market and make it even harder for worthwhile projects to stand out.
Despite these challenges, Pump.fun continues to thrive, amassing nearly $90 million in cumulative revenue since its launch. The platform’s ability to generate significant income amidst such a competitive and volatile market speaks to the enduring appeal of memecoins and the speculative fervor that drives their popularity.
解説
- Market Dynamics: Pump.fun’s record revenue highlights the ongoing retail enthusiasm for memecoins, despite the high-risk nature of these assets and the low success rate for most tokens.
- Celebrity Influence: The involvement of celebrities in launching memecoins on Pump.fun has played a significant role in attracting attention and driving trading activity, though it also raises questions about the sustainability of such interest.
- Platform Challenges: While Pump.fun’s revenue figures are impressive, the platform faces significant challenges in terms of token quality and investor outcomes, with very few memecoins achieving lasting success in a highly saturated market.