Solana token issuer Pump.Fun is on the verge of reaching 1 million SOL tokens in lifetime fees, with over 2.5 million tokens launched through the platform since its launch in early March. Data shows that in the past 24 hours alone, over 5,550 addresses issued 7,500 tokens. There was a surge on Monday with a record 31,000 tokens launched, particularly in the niche of artificial intelligence-themed memecoins, which was kickstarted by GOAT and sparked a speculative frenzy.
Active addresses have grown to 85,000, with 37,000 being new wallets, indicating a strong demand for the service. Pump’s creators are also seeing significant profits, with a connected fee account selling over $6 million worth of SOL on Monday. This brings their lifetime sales to over $78 million or 500,000 SOL.
Pump.Fun allows anyone to create a token for less than $2 in capital. Users can choose the number of tokens, theme, and meme picture to go along with it. Once the market capitalization of a token reaches $69,000, a portion of the liquidity is deposited to the Solana-based exchange Raydium and burned.
While Pump.Fun is available on Base and Blast networks, it is most commonly used to issue memecoins on Solana, generating significant revenue for the project. Since its launch, Pump has earned $147 million and is considered one of the most profitable crypto startups. In a report from CoinDesk in April, it was estimated that the service could earn at least $66 million by 2024.
It’s worth noting that CoinDesk, the media outlet reporting on this news, has updated its privacy policy, terms of use, and other policies. They are part of the Bullish group, which invests in digital asset businesses. Journalists at CoinDesk follow strict editorial policies to ensure integrity, independence, and freedom from bias in their reporting.
Overall, Pump.Fun’s success in generating revenue through token issuance on the Solana network highlights the growing interest in cryptocurrencies and blockchain technology. The platform’s user-friendly approach and low entry barrier have attracted a wide range of users looking to create their own tokens and participate in the crypto market. With the continued growth of the blockchain industry, we can expect to see more innovative platforms like Pump.Fun emerge to meet the diverse needs of crypto enthusiasts worldwide.