Pump.fun, a memecoin generator, has surpassed Ethereum in terms of revenue. Since its inception in January, Pump.fun has generated over $51.3 million, with its latest daily revenue of $1.99 million surpassing Ethereum’s $1.91 million. Solana has earned approximately $806,957. The Solana and Blast blockchains use the protocol, which enjoys greater popularity throughout the Solana ecosystem.
Pump.fun is popular primarily because it is simple to use. To start using the protocol, community members don’t need to learn coding. Additionally, the platform is secure, with the capability to prevent early rugs. The early rug refers to the incident where token creators removed liquidity after launching their tokens. Such a scenario leaves investors hanging. This consequently harms the reputation of both the protocol and the ecosystem.
What makes the revenue-based achievement commendable is that Pump.fun recently suffered a $2 million hack. The incident dates back to May this year; however, it has barely hampered its function. Pump.fun has deployed over 1.2 million tokens since its inception and has produced around $51.3 million in revenue since the launch date.
Meme coins collectively hold a market cap of $51.5 billion, according to CoinGecko’s data. Some of the major meme coins are DOGE, SHIB, and PEPE. Interestingly, all the major meme coins are down, with PEPE leading the chart. It has slipped by 7.55% in the last 24 hours.
Meme coins have previously suffered because of their utility or the way their prices move across the charts. Social media hype often drives meme coins, causing them to fluctuate more than other altcoins. Vitalik Buterin has even criticized meme coins based on celebrities. The creator of Ethereum believes that projects should focus on some kind of public good instead of targeting only early adoption.
That said, SOL is currently listed at $143.91, with a dip of 3.01% in the last 24 hours. It further reflects a surge of 5.63% in the last 7 days. Solana has plummeted by 12.94% in the last 30 days. While the market cap has plummeted, there has been a notable upswing of 52.81% in 24-hour trading volume.
When VanEck and 21Shares submitted applications for approval, SOL was previously motivated by anticipation of its ETF approval. That enthusiasm was short-lived when reports surfaced claiming that they had fallen short of meeting regulatory requirements. One still cannot negate the fact that efforts are underway to launch the SOL ETF.
If the Spot Ether ETF gets the final nod of approval, it could gain a boost. The investment vehicle could receive a green light from the US Securities and Exchange Commission as early as July 8, 2024.