Key Notes
- Pump.fun’s YTD fees surpassed Ethereum’s.
- The meme coin launchpad recorded a total trading volume of almost $30 billion YTD.
- Pump.fun ecosystem tokens rise despite Bitcoin’s price correction.
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Pump.fun, a Solana-based meme coin launchpad, has dominated Ethereum, the largest blockchain by total value locked, over the past nine weeks.
According to data from Token Terminal, Pump.fun accumulated $294.3 million in fees year-to-date, surpassing Ethereum’s $248.7 million. The protocol has registered a total trading volume of $29.7 billion YTD.
Data shows that the Solana-based meme coin platform has been dominating Ethereum’s weekly fees since Feb. 24.
While the number of daily active Pump.fun users increased by 18% to 156,200, its monthly users declined 2.5% to $2.3 million active wallets, according to Token Terminal.
What makes Pump.fun so attractive to the masses is Solana’s transaction speed, currently 4,300 transactions per second, and the layer-1 network’s low fees, currently $0.0038, Token Terminal data shows.
Another key driver behind the platform’s fame is that token creators can’t directly allocate tokens to their wallets, enforcing a fair launch process.
However, it’s important to note that the potential that anyone can create a meme coin anonymously on Pump.fun has also increased the number of fraudulent actors, launching and promoting scam tokens.
Pump.fun Defies Broader Market, Bitcoin
The Pump.fun ecosystem has decoupled from the broader cryptocurrency market in the latest corrections.
According to data from CoinMarketCap, tokens launched on the Solana-based platform saw a 3.5% increase in their cumulative market cap, surpassing the $3 billion mark.
The rise in Pump.fun tokens comes as the global crypto market capitalization declined by 1% to $2.95 trillion, per CMC data.
Bitcoin
BTC
$96 611
24h volatility:
2.1%
Market cap:
$1.92 T
Vol. 24h:
$29.09 B
also registered a 1.4% correction from a local high of $96,000 and is currently hovering around $94,700.
The latest correction came due to the overheated market conditions and the fear of missing out, also known as FOMO. Bitcoin’s rise back above the $95,000 mark can potentially push the broader market with it, targeting the crucial $100,000 price point for the digital gold.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Wahid has been analyzing and reporting on the latest trends in the decentralized ecosystem since 2019. He has over 4,000 articles to his name and his work has been featured on some of the leading outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Other than reporting, Wahid likes to connect the dots between DeFi and macro on his newsletter, On-chain Monk.
