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Memecoin Launchpad Pump.Fun has posted the highest gross revenue in the decentralized finance (DeFi) sector over the past 24 hours, surpassing even Ethereum.
According to data from DeFiLlama, the platform amassed $2.31 million in fees over the past day, outpacing Ethereum’s $2.29 million. The performance places Pump.Fun at the forefront of DeFi revenue generation.
Furthermore, Pump.Fun is on track to generate an annualized revenue of $315 million, with an average daily revenue of $906,160 over the past week. The surge is largely driven by the recent memecoin frenzy, particularly those based on the Solana blockchain, which has become the primary choice for on-chain degens.
According to CoinMarketCap, the memecoin sector has grown to a $48.19 billion market value. The figure, however, only includes top memecoins tracked by the website.
The actual size of the memecoin market is likely much larger, as dozens of new tokens are launched daily across various blockchains.
Pump.Fun has been instrumental in this explosion, creating over 1.5 million memecoins since its inception earlier this year. Solana accounts for 85% of all newly created tokens, many of them memecoins, traded on decentralized exchanges.
Pump.Fun Allows Users to Easily Launch Tokens
Pump.Fun’s appeal lies in its user-friendly interface that allows non-technical users to launch their own tokens in mere minutes. For as little as $2, users can create a token without needing to provide initial liquidity.
These new tokens trade along a bonding curve, until they reach a market capitalization of around $75,000. At this point, the bonding curve is burned to Raydium, creating a stable liquidity pool.
Pump.Fun generates revenue through a 1% fee on transactions conducted on the platform. Once a token bonds and is burned to Raydium, Pump.Fun can no longer charge this fee.
Wild Week for Political Meme Coins
In recent months, the crypto markets have witnessed the rise of meme coins based on U.S. political candidates. These coins often come with cartoon avatars and deliberately misspelled names of the candidates.
Political meme coins, also known as PolitiFi tokens, have been significantly volatile since the beginning of the election season. However, this volatility further increased after Kamala Harris secured the Democratic nomination following Joe Biden’s exit.
Coins like Kamala Horris, Jeo Biden, and Donald Tremp are rapidly fluctuating in value as traders try to navigate the unpredictable crypto landscape.
KAMA, a Solana-based memecoin inspired by Vice President Harris, launched on May 30 with a value of $0.0006. It has since surged by 3,875%, breaking the $0.02 barrier with a fully diluted market valuation of $25.4 million.
The rise reflects Harris’s growing momentum as she prepares to face Trump in the November election. According to her team, $100 million has been donated to her campaign since its launch, with a record-breaking $81 million on the first day alone.
On the other hand, despite his crypto-friendly stance, Trump-related meme coins have faced significant declines recently. The biggest token, MAGA (TRUMP), has lost more than 22% of its value in the past month.
Similarly, Jeo Boden has plummeted over 25% in the past seven days. The coin, now valued at $0.01163, is down by more than 66% from its all-time high of $1.07 registered in April.
Solana Protocol Offers Way to Short Memecoins
As the popularity of memecoins persists, a new Solana protocol aims to offer traders a chance to profit from declining memecoin prices by shorting them.
Traditionally, most memecoins are available only for spot trading. However, major tokens like Dogecoin, Pepe, Shiba Inu, and Brett have large enough market values for centralized exchanges to offer leveraged futures trading.
Centralized exchanges let traders borrow funds at a leverage ratio, which can then be used to place long or short bets on crypto tokens. However, these platforms do not support smaller meme coins.
Dumpy.fun aims to simplify shorting memecoins by enabling permissionless listing of all memecoins. The project is currently in beta, and only waitlisted users have access to the protocol.
Shorting memecoins may prove profitable, as many of these tokens, including Dogecoin and Shiba Inu, are down about 80% from their peak prices. The volatile nature of memecoins is further evident from the performance of celebrity-backed tokens.
Despite initial surges, many have plummeted in value. For example, tokens linked to internet personality Andrew Tate are down 73% from their peak.
The Bottom Line
Pump.Fun has posted the highest gross revenue in the DeFi sector over the past 24 hours, surpassing Ethereum with $2.31 million in fees.
The platform is on track to generate an annualized revenue of $315 million, driven by the recent memecoin frenzy and is another example of the innovations happening in crypto today.
