A Solana-based memecoin creation platform, Pump Fun, reached a new record level in monthly contract revenue, highlighting the growing interest of individual investors in memecoin projects. According to Entropia Intel’s X post, Pump Fun achieved a record monthly level of $28.73 million in contract revenue accumulated in July.
Major Success from Memecoin Platform
The record monthly revenue of the memecoin platform came two weeks after Pump Fun surpassed the Ethereum ecosystem in 24-hour revenue on July 29. During the same period, the platform earned $864,000 compared to Ethereum’s $550,000. The success of the memecoin platform is mainly attributed to the increasing interest of individual investors in memecoin projects, especially those born from Solana, which has produced some of the trendiest memecoin projects of this cycle. Famous memecoin launches have also contributed to the memecoin craze. Pump Fun recently witnessed celebrities like Caitlyn Jenner, Iggy Azalea, and Rich The Kid launching their own tokens.
The increasing appetite of individual investors in the memecoin space continues to grow despite price volatility. This is also evidenced by the dog-themed memecoin Dogwifhat (WIF) becoming the fifth-largest Solana-based cryptocurrency by market cap, followed by Bonk (BONK) in sixth place. Last week, the WIF price increased by more than 20%, but saw a pullback of over 8% in 24 hours, trading at $1.66.
According to CoinMarketCap, the total trading volume of memecoin projects in the broader memecoin ecosystem increased by 3% in the last 24 hours to $3.57 billion, while the total market cap decreased by 2.3% to $38.3 billion.
Details About Pump Fun
Most of the memecoin projects launched on Pump Fun did not make it to the first decentralized exchange (DEX) before being forgotten. Dune Analytics data shows that the success rate of Pump Fun crypto tokens entering the Solana-based decentralized finance protocol Raydium is 1.41%.
This rate has varied between 1.21% and 1.41% since May. The all-time high of 2.56% was reached on February 16. Cinneamhain Ventures partner Adam Cochran shared the following statements on the subject in an August 1 X post:
“The graduation rate of assets on Pump Fun (those reaching a market cap of $69,000 and listed on a DEX) is stagnant at around 1.4%.”
Cochran also noted that no new coin has really surpassed the $20 million fully diluted valuation (FDV) level. This level is used as a measure of the total value of a cryptocurrency if all assets were in circulation.
