Crypto News – Pump.fun Surpasses Ethereum in 24-Hour Revenue, Set New All-Time High
Crypto News – Pump.fun, a memecoin creation platform built on the Solana blockchain, has achieved a record-breaking monthly agreement income of $28.73 million for July, marking a significant milestone in the growing interest in memecoins. This impressive figure was reported by Entropia Intel on August 13.
Surpassing Ethereum: Pump.fun’s Recent Milestones
The recent success of Pump.fun is highlighted by its surpassing of Ethereum’s 24-hour revenue on July 29. During that period, Pump.fun generated $864,000, outperforming Ethereum’s $550,000. This achievement underscores the platform’s increasing popularity and the expanding retail interest in memecoins, particularly those based on Solana.
Impact of Celebrity Memecoin Launches
The surge in memecoin interest is also fueled by celebrity endorsements. Recent launches by celebrities such as Caitlyn Jenner, Iggy Azalea, and Rich The Kid have contributed to the platform’s success, further driving the memecoin craze.
Retail Memecoin Frenzy Continues: WIF’s Remarkable Performance
Retail enthusiasm for memecoins remains strong, despite market volatility. Dog-themed memecoin Dogwifhat (WIF) has emerged as the fifth largest Solana-based cryptocurrency by market capitalization. Over the past week, WIF saw its price increase by over 20%, though it experienced a 24-hour retrace of more than 8%, trading at $1.66 as of 11:28 am UTC. The overall memecoin trading volume surged by 3% to $3.57 billion in the past 24 hours, although the total market capitalization fell by 2.3% to $38.3 billion, according to CoinMarketCap.
Challenges for Memecoins on Pump.fun: Low Success Rate on DEX
Despite the platform’s success, many memecoins launched on Pump.fun have not managed to secure a spot on the leading decentralized exchanges (DEX). Data from Dune Analytics indicates that only 1.41% of Pump.fun tokens have succeeded in being listed on the Solana-based DeFi protocol, Raydium. This success rate has remained between 1.21% and 1.41% since May, with an all-time high of 2.56% achieved on February 16.
Adam Cochran’s Insight on Memecoin Success Rates
Adam Cochran, a partner at Cinneamhain Ventures, noted in an August 1 X post that the “graduation rate” of memecoins from Pump.fun to decentralized exchanges remains stagnant around 1.4%. He also pointed out that no new coins have successfully reached a fully diluted valuation (FDV) of $20 million, a benchmark for measuring a cryptocurrency’s total value if all coins were in circulation.
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