The memecoin sector has witnessed a significant resurgence in the year 2024, with platforms such as Pump.fun, based on Solana [SOL], taking the lead.
DefiLlama data shows that Pump.fun’s monthly revenue skyrocketed to an impressive $93 million in November, marking a remarkable 207% surge from the $30.5 million recorded in October, which was already a record-setting figure.
This resurgence comes after a tough period in August and September, during which the platform experienced an average monthly revenue drop of 29%.
Analysis of Pump.fun’s Growth Statistics
Recent data reveals that Pump.fun, a memecoin platform built on Solana, has deployed more than 4.2 million memecoins, according to Dune Analytics, showcasing significant activity in the crypto market.
Despite recent fluctuations in SOL’s price, Pump.fun has displayed notable movements in liquidity.
Information from Lookonchain indicates that a recent deposit of 65,000 SOL tokens, valued at $15.23 million, was made to Kraken, bringing the total amount deposited to Kraken by the platform to 798,869 SOL, with an approximate value of $154 million.
In addition, Pump.fun has converted 264,373 SOL into 41.64 million USDC through sales.
Since its inception, the platform has amassed a significant 1,526,937 SOL, equivalent to $362 million, showcasing its dominance and profitability in the memecoin industry.
According to CoinGecko, memecoins launched via Pump.fun now have a combined market capitalization of $6.63 billion, depicting a modest decline of 2.9% over the past 24 hours.
However, this decline has not overshadowed the outstanding performance of individual tokens.
Memecoins Driving Pump.fun’s Prosperity
Memecoins like Peanut the Squirrel have surged by 10% in a single day and have seen an impressive growth of 900% over the last month.
Similarly, Moondeng experienced a 99% daily increase and has surged by over 285% in the past 30 days.
Leading the pack is Act I: The AI Prophecy, which has witnessed an incredible 3,500% monthly gain, highlighting the dynamic and highly lucrative possibilities within Pump.fun’s ecosystem.
Addressing Ongoing Challenges
Despite its recent achievements and innovative strides, Pump.fun has faced obstacles that underscore the complexities of juggling innovation with accountability.
Recent backlash surrounding the misuse of the platform’s livestream feature led to the dissemination of harmful content.
In response to the risks involved, Pump.fun has taken a definitive step by suspending the feature indefinitely, emphasizing its dedication to cultivating a safer and more inclusive community.
This action serves as a reminder that while innovation propels growth, addressing ethical considerations is essential for sustainable success.