Key Notes
- Pump.fun’s YTD fees surpassed Ethereum’s.
- The meme coin launchpad recorded a total trading volume of almost $30 billion YTD.
- Pump.fun ecosystem tokens rise despite Bitcoin’s price correction. .
Pump.fun, a Solana-based meme coin launchpad, has dominated Ethereum, the largest blockchain by total value locked, over the past nine weeks.
According to data from Token Terminal, Pump.fun accumulated $294.3 million in fees year-to-date, surpassing Ethereum’s $248.7 million. The protocol has registered a total trading volume of $29.7 billion YTD.
Data shows that the Solana-based meme coin platform has been dominating Ethereum’s weekly fees since Feb. 24.
While the number of daily active Pump.fun users increased by 18% to 156,200, its monthly users declined 2.5% to $2.3 million active wallets, according to Token Terminal.
What makes Pump.fun so attractive to the masses is Solana’s transaction speed, currently 4,300 transactions per second, and the layer-1 network’s low fees, currently $0.0038, Token Terminal data shows.
Another key driver behind the platform’s fame is that token creators can’t directly allocate tokens to their wallets, enforcing a fair launch process.
However, it’s important to note that the potential that anyone can create a meme coin anonymously on Pump.fun has also increased the number of fraudulent actors , launching and promoting scam tokens .
Pump.fun Defies Broader Market, Bitcoin
The Pump.fun ecosystem has decoupled from the broader cryptocurrency market in the latest corrections.
According to data from CoinMarketCap, tokens launched on the Solana-based platform saw a 3.5% increase in their cumulative market cap, surpassing the $3 billion mark.
The rise in Pump.fun tokens comes as the global crypto market capitalization declined by 1% to $2.95 trillion.
Bitcoin BTC $96 611 24h volatility: 2.1% Market cap: $1.92 T Vol. 24h: $29.09 B also registered a 1.4% correction from a local high of $96,000 and is currently hovering around $94,700.
The latest correction came due to the overheated market conditions and the fear of missing out, also known as FOMO. Bitcoin’s rise back above the $95,000 mark can potentially push the broader market with it, targeting the crucial $100,000 price point for the digital gold.
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