Pump.fun, a Solana-based crypto platform, earned $100 million in 217 days, making it the fastest-growing crypto app.
Despite the fact that Pump.fun has only been around for a little more than a year, on January 19, 2024, the platform has already managed to usher in a new era of memecoins, which the New York State Department of Financial Services refers to as “sentiment-based virtual currencies.
Pump.fun, which was initially released on Solana, experienced a meteoric rise in popularity, eventually becoming the cryptocurrency app with the ability to make $100 million in money in the shortest amount of time ever, which was just 217 days.
The viral memecoins that it gave rise to, such as Moo Deng and Fartcoin, are attempting to capitalize on a significant moment in the culture of the internet, raise money for a particular cause, or, in some instances, defraud their investors.
Pump.fun Earns $15.38M with Innovative Launch
However, Pump.fun’s innovative mechanics to encourage genuine launches were a significant factor in the popularity of the platform. The platform just established a new benchmark by accumulating $15.38 million in fees on Friday, January 24.
This represents the platform’s greatest amount for a single day. The milestone was accomplished in part as a result of the excitement surrounding Vine Coin, a new memecoin that was introduced by Rus Yusupov, who was one of the three co-founders of the looping video platform of the same name that has discontinued operations.
Elon Musk, the owner of X, has made passing references to the possibility of recreating the defunct brand on the X platform. On Saturday, a software developer at X stated that there is excitement within the firm around the concept of changing the video tab of the app to Vine.
Twitter made the decision to shut down Vine in 2017, after having acquired the app in 2012. Vine Coin swiftly rose to a market cap of approximately $425 million before seeing a minor decline; nevertheless, Pump.fun was able to set a new record for its one-day revenue thanks to the effectiveness of its viral campaign.
Pump.fun Nears 2.5M SOL with $4B Volume
Over the course of the past two weeks, Pump.fun has experienced a volume of more than $4 billion, and Dune predicts that it will soon surpass the threshold of 2.5 million SOL tokens in volume.
Even though tales of success stemming from memecoins have enthralled the cryptocurrency community, a significant number of investors have suffered financial losses in the trading sector.
On behalf of investors who have suffered losses as a result of trading memecoins on the platform, a law firm in the United States is looking into the possibility of taking legal action against the exchange.
In the meantime, the acquisition of the memecoin platform Moonshot by the Solana DEX aggregator Jupiter could pose a threat to Pump.fun’s dominance. However, judging from Pump.fun’s recent record-breaking volume, Mercury still needs to reach its full potential.
