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Memecoin hype continues at full speed and keeps affecting the crypto market. A leading memecoin launchpad, Pump.fun, saw its revenue exceed $30 million as creators launch tens of thousands of memecoins on Solana daily. This increase in Pump.fun’s activities shows growing interest in the memecoin sector and ongoing investments.
Memecoin Market and Celebrity Factor
Celebrities have played a crucial role in drawing attention to the memecoin ecosystem. Notable figures like Caitlyn Jenner and Iggy Azalea have actively participated in the memecoin hype.
Jenner launched her own token on Pump.fun and Ethereum (ETH) and used the proceeds to support former US President Donald Trump. Meanwhile, Azalea introduced her token named MOTHER on Solana in response to an organizer’s attempt to launch a token called IGGY. The involvement of such significant names indicates increasing mainstream interest in memecoins.
The past month has been particularly eventful for memecoin enthusiasts. Roaring Kitty, one of the leading figures of the 2021 memecoin rally, returned to the social media platform X.
Pump.fun notably faced a significant issue when a former employee was involved in a $1.9 million hack. The death of Shiba Inu Kabosu, which inspired Dogecoin, also marked a notable moment in the memecoin world. Despite these events and partly due to the surprise approval of the spot Ethereum ETF and positive inflation data from the US, excitement in the crypto and memecoin markets remains high.
Trading Activity Remains High on PolitiFi
Last week, PolitiFi, a new sub-sector involving memecoins connected to lawmakers, saw a significant increase in trading activity. This resurgence followed Trump’s conviction in a hush money case. The continued interest in politically-themed memecoins demonstrates the diversity and evolving nature of the memecoin market.
