Pump.fun, a Solana-based platform for creating memecoins, has achieved a new peak in monthly agreement income, highlighting the increasing retail interest in memecoins. According to an August 13 post by Entropia Intel, Pump.fun amassed $28.73 million in agreement income in July.
This record-breaking income came just two weeks after Pump.fun surpassed the Ethereum blockchain in 24-hour revenue on July 29, generating $864,000 compared to Ethereum’s $550,000. The platform’s success is largely driven by the rising interest in memecoins on Solana, which has produced some of the most popular memecoins this cycle.
Celebrity involvement has also played a role, with figures like Caitlyn Jenner, Iggy Azalea, and Rich The Kid launching their own tokens on Pump.fun. The retail craze for memecoins persists, as seen in the recent 20% surge of the dog-themed memecoin Dogwifhat (WIF), which has become the fifth-largest Solana-based cryptocurrency by market cap, closely followed by Bonk (BONK).
Despite price fluctuations, the retail appetite for memecoins remains strong. Over the past week, WIF’s price surged over 20% but retracted by over 8% in the last 24 hours, trading at $1.66 as of 11:28 am UTC.
WIF/USD, 1-month chart
The overall trading volume for meme tokens increased by 3% to $3.57 billion in the past 24 hours, while their total market capitalization fell by 2.3% to $38.3 billion, according to CoinMarketCap.
Top 10 memecoin by market capitalization
However, most memecoins launched on Pump.fun struggle to gain traction. Data from Dune Analytics reveals that only 1.41% of Pump.fun tokens make it onto Raydium, a Solana-based decentralized finance protocol. This rate has fluctuated between 1.21% and 1.41% since May, peaking at 2.56% on February 16.
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Adam Cochran, a partner at Cinneamhain Ventures, noted in an August 1 post that the “graduation rate” of coins on Pump.fun — those reaching $69k and getting listed on a DEX – remains stagnant around 1.4%.
The total success rate for pump.fun crypto tokens is 1.41%
He also mentioned that no new coins have managed to achieve a $20 million fully diluted valuation (FDV), which represents a cryptocurrency’s total value if all coins were in circulation.
Cre: cointelegraph
I’m Jessi Lee, currently living in Singapore. I am currently working as a trader for AZCoin company, with 5 years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
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