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Solana token issuer Pump.Fun is nearing 1 million SOL token in lifetime fees, with over 2.5 million tokens launched using the service since its early March release.
Over 5,550 addresses issued 7,500 tokens in the past 24 hours alone, data shows. Monday saw a record 31,000 tokens launched as artificial intelligence-themed memecoins - a niche kickstarted by GOAT - renewed a speculative frenzy.
Active addresses grew to 85,000, of which 37,000 were new wallets, indicative of strong demand. Meanwhile, Lookonchain data shows that Pump’s creators are raking in profits. A connected fee account sold over $6 million worth of SOL late Monday, taking its lifetime sales to over $78 million or 500,000 SOL.
Pump lets anyone issue a token for less than $2 in capital, after which they choose the number of tokens, theme, and meme picture to accompany it. When the market capitalization of any token reaches $69,000, a portion of liquidity is deposited to the Solana-based exchange Raydium and burned.
Pump is also available on Base and Blast networks but is most commonly used to issue memecoins on Solana. That has minted the project big money. Pump has earned $147 million since going live and is among the most profitable crypto upstarts. In an April report, CoinDesk estimated the service would earn at least $66 million in 2024.
Edited by Stephen Alpher.
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Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.
Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.