- Crypto and memecoin markets are experiencing a decline, with notable drops in DOGS and BRETT.
- Pump.fun, a memecoin launchpad on Solana, has generated over US$100 million in cumulative revenue and released 1.1 million tokens since January.
- In the last 24 hours, Pump.fun launched 5,601 new memecoins, though most lack long-term relevance.
- SunPump’s activity declines as users return to Solana, while Tron and Solana remain top chains by TVL.
The Crypto market is in deep red with most major assets in the minus, and memecoins are no exception.
While old dogs like Bitcoin and Ethereum are down on the weekly and daily timeframes, the dog-themed memecoins (and most other memecoins for that matter) are faring no better. DOGS and BRETT are among the biggest losers with -31% and -22% on the weekly chart.
This doesn’t mean memecoins are dead though – far from it. They’ve actually just broken some records.
Related: Tron Memecoin Frenzy Sees More Than $1 Million Funds in SunPump
Pump.fun, the Solana-based memecoin launchpad that has become popular over the past few months – alongside Justin Sun’s SunPump – has just reached two milestones.
Pump.fun Pumps Out More Tokens Than Ever
As data from Dune shows, Pump.fun has just surpassed US$100 million (AU$147.7 million) in cumulative revenue with a daily revenue of US$344K (AU$508.2K). While that daily revenue is far lower than its highest US$2.4 million (AU$3.54 million) daily in late July, it helped push another metric over the line: total memecoins.
Since the start of the platform in January Pump.fun has now pumped out 1.1 million tokens in total.
The last 24 hours alone saw over five thousand new memecoins launched via Pump.fun. That’s a lot of new tokens without any utility, but data shows, most of them fizzle out and become irrelevant pretty quickly. Only 76 tokens “graduated” in the past 24 hours, with only one reportedly passing one million dollars in market cap.
SunPump Concedes to Pump.fun For More Pumping Fun
After Sun’s platform (SunPump in case that wasn’t clear) had seen huge initial success even overtaking the Solana-based memecoin launcher, things seem to be reversing. While activity and new tokens are down across the board, they have been dropping more rapidly on SunPump.
For now, at least, it seems degens are heading back to Solana-land for their quick fix of the latest memecoin.
Related: Australian Spot Bitcoin ETFs See Steady Inflow, While US Funds Struggle
Meanwhile, the underlying blockchains, Solana and Tron remain the third and second largest chains by total value locked (TVL). While Tron only has 34 protocols compared with Solana’s 159, the latter has US$4.65 billion (AU$6.87 billion) in TVL compared to Tron’s US$8.06 billion (AU$11.8 billion).
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