In the latest meme coin news, Pump.fun, a Solana-based marketplace for creating and trading meme coins, has surged to the top spot as the leading crypto application, surpassing Ethereum in 24-hour revenue.
🚨Breaking Big: @pumpdotfun Becomes No. 1 Crypto App Across All Chainshttps://t.co/VS31GZ2FXq has surged to the top spot as the leading crypto app, surpassing Ethereum with a staggering $1.99M in revenue generated over the last 24 hours. pic.twitter.com/59euyqCRWp
— SolanaFloor (@SolanaFloor) July 2, 2024
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Meme Coin launchpad, Pump.Fun Soars
According to the latest data from DeFiLlama, Pump.fun generated a staggering $1.99 million in revenue over the last 24 hours, outpacing Ethereum’s $1.91 million and Tron’s $1.58 million.
Although the meme coins platform was launched in January 2024, Pump.fun has quickly become a popular platform. The main reason for this is the ease of creating and distributing meme-inspired tokens for as low as $2. The platform’s user-friendly interface and low transaction fees on the Solana blockchain have contributed to its rapid growth .
Pump.fun in recent news
The quick ascent to popularity has caused Pump.fun to be at the centre of some uncomfortable situations and challenges.
- In May, the meme coin launchpad Pump.fun suffered a $1.9 million exploit, with the person behind the attack recently arrested in London.
- Additionally, concerns have been raised about the prevalence of scams on the platform, with an estimated 95% of tokens thought to be bogus.
In addition to the easy-to-use UX, the platform has also attracted attention from celebrities, with Caitlyn Jenner launching her own token, JENNER, on Pump.fun last month. Due to these key points, Pump.fun’s cumulative revenue has crossed the $50 million mark on July 1, cementing its status as the highest revenue-generating crypto application across all blockchain networks .
As the meme coin craze continues to captivate the crypto community, Pump.fun’s position as the leading platform in this space is likely to solidify further. However, the platform’s ongoing challenges with security and scams will need to be addressed to maintain the trust and confidence of its growing user base.
Related: Meme Coins News
Pump.fun FAQs
What is Pump.fun?
Pump.fun is a Solana-based meme coin launchpad that allows users to easily create and trade their own meme-inspired tokens.
What is Pump.fun on Solana?
Pump.fun is a leading meme coin marketplace and launchpad on the Solana blockchain. It has become popular due to Solana’s low fees and high throughput, which make it easy for meme coin creators to launch and distribute their tokens.
How much does it cost to launch on Pump.fun?
Launching tokens on Pump.fun is very inexpensive, with a 1% trading fee and a 2 SOL fee when tokens reach sufficient liquidity to be listed on the Raydium decentralized exchange. This low cost has contributed to the platform’s rapid growth, though it has also led to a proliferation of scams and bogus tokens.
When was Pump.fun created?
Pump.fun was launched in January 2024 and has quickly become a dominant player in the Solana-based meme coin ecosystem.
