Pump.fun, the infamous platform where anyone can create and launch a token on Solana, has recorded a new monthly all-time high in revenue generated with $30.5 million. This figure represents a 111% increase over the previous month’s total, while also surpassing the previous monthly all-time high of $28.64 million set in July.
October’s figure also broke a two-month downtrend in the revenues generated by the platform, where it previously saw two consecutive months of diminishing revenue, falling by an average of 29% per month.
The sudden resurgence of Pump.fun came as memecoins of viral memes, with MOODENG being the prime example, went on an impressive price-appreciating run.
This was not the sole reason though, as the onchain market was flooded with a new "AI meta," where multiple Pump.fun tokens seemingly “endorsed” by various autonomous AI agents posting on X came to light.
Of this, the GOAT token, “endorsed” by AI agent @truth_terminal on X, became the highest-ever valued token that originated from pump.fun, with a peak market capitalization of $920 million set on Oct. 24, 2024.
Multiple similar “AI-related” tokens and memecoins also reached 8-figure and 7-figure market caps at their respective peaks, such as GNON with $190 million, fartcoin with $83 million and ACT with $74 million, to name a few.
However, these memecoins have since fallen far from their peaks as the hype and attention surrounding them have faltered, with most down over 50% from their respective all-time highs.
The downturn in this recent “AI meta” has not stopped memecoins from blowing up on Pump.fun though.
Most recently, a memecoin named PNUT, inspired by the P’nut the squirrel, a pet squirrel that went viral after it was euthanized by New York authorities, reached a peak market cap of nearly $130 million, following the mentions (of the incident, not the memecoin) by Elon Musk and Donald Trump.
This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
