Chainalysis expands Solana coverage to include Pump.fun memecoins

Blockchain analytics provider Chainalysis has expanded its coverage of Solana tokens to include memecoins created on Pump.fun, a company representative said.

"Today Chainalysis extended our Solana coverage to include every Solana token in KYT and Reactor," the company's director of product, Matthew Wilson, said in a post on LinkedIn . "From the moment a SPL contract is deployed, Chainalysis offers complete alerting, exposure and tracing."

Know Your Transaction and Reactor are compliance tools offered by Chainalysis. SPL refers to the Solana Program Library.

"Exchanges can list memes immediately and with full compliance coverage," added Wilson. "And governments can look into the scams and rugpulls ... so no matter if you're into WIF, BONK, PNUT, stables USDT and USDC, or Pump.fun coins, we have you covered."

Memecoin trading exploded this year partly because of how easy it has become to create tokens on Solana. As of earlier this month, over 4 million memecoins had been deployed via Pump.fun, according to data from Dune Analytics. The memecoin generation and trading platform also hit an all-time high of over $93 million in monthly revenue in November, according to DefiLlama data.

After launching at the beginning of the year, Pump.fun became the fastest-growing crypto app of all time. In September, crypto researcher and Glue founder Ogle said that nearly 95% of memecoins launched on Pump.fun “end up effectively rugged within a day of launching.”