Solana Token Issuer Pump.Fun Rakes in Big Bucks With 1M SOL in Lifetime Fees | Currency News | Financial and Business News | Markets Insider

Oct 23, 2024

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.

The https://t.co/DrKlYnPhBq Fee Account sold 40,000 $SOL($6.68M) again 5 hours ago!https://t.co/DrKlYnPhBq has generated total revenue of 969,945 $SOL($162M) and has sold 503,343 $SOL($78.7M) at an average price of $156.4 so far.https://t.co/8Jozj9QqvE pic.twitter.com/2a9Zz441CJ

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.

This story originally appeared on Coindesk