Solana 
$229 (SOL) based crypto platform Pump.fun achieved a record $15.38 million in transaction fee revenue last Friday. This success was significantly influenced by the launch of the memecoin Vine Coin, created by Rus Yusupov, one of the founders of the social media giant Vine. Launched at the beginning of 2024, Pump.fun has generated over $4 billion in transaction volume to date, initiating a new surge of interest in “emotion-based virtual assets,” commonly known as memecoins.
Vine Coin’s Launch Ignites Market Activity
The revival plans for the Vine brand on the X platform, following its closure in 2017, sparked tremendous interest in the memecoin. Tweets from Elon Musk and comments from an X engineer regarding “Vine” prompted investor engagement. At one point, Vine Coin reached a market cap of $425 million, although it struggled to maintain this level thereafter.
To date, Pump.fun has utilized Solana’s low-cost infrastructure, allowing thousands of users to easily generate tokens.
However, the platform has experienced sudden drops alongside rapid rises. Some users have incurred losses due to the uncertainty surrounding the teams behind various projects. A U.S. law firm has initiated legal proceedings for those who suffered losses on the platform. Experts advise, “Research the project’s objectives and team before investing in these assets.”
Competition Grows, Risks Increase
On the other hand, Pump.fun’s market dominance may be challenged by Jupiter‘s acquisition of Moonshot. However, it may take months for the impact of this move to materialize. Pump.fun continues to thrive among younger investors, who dream of becoming wealthy by chance. According to Dune data, the platform’s transaction volume has approached 2.5 million in SOL coin.
Additionally, tightening regulations represent a significant hurdle for the platform. The New York Department of Financial Services has highlighted the unregulated nature of “emotion-based” assets. Pump.fun made headlines by earning $100 million in just 217 days. Now, the emphasis is on building trust and transparency for sustainable growth.
