Pump.fun Revenue Plummets as Meme Coin Traders Tap Other Launchpads
The post Pump.fun Revenue Plummets as Meme Coin Traders Tap Other Launchpads appeared on BitcoinEthereumNews.com. In brief Pump.fun accounted for 19% of tokens deployed through Solana-based launchpads on Saturday. The project’s native token fell to a fresh low on Monday. Meme coin traders have been gravitating toward LetsBonk, which debuted in April Traders on Solana are backing away from Pump.fun following its massive ICO, gravitating toward other meme coin launchpads as the project’s native token struggles. The project that became synonymous with meme coins last year accounted for 19% of tokens deployed through Solana-based launchpads on Saturday, a sharp drop from 88% a month prior, according to a Dune dashboard created by pseudonymous data scientist Adam Tech. LetsBonk, a project tied to the Solana-based meme coin BONK, meanwhile, accounted for 69% of tokens deployed on Saturday. It debuted in April, and like Pump.fun, LetsBonk allows anyone to create their own meme coin with little to no technical knowledge that others can trade. LetsBonk has facilitated almost all of the top meme coin starts on Solana over the past week, with a token called DEBT hitting a $14.8 million market capitalization. On Pump.fun, a token called INCEL had achieved a market cap of $531,000. Although Pump.fun has lost its title as the reigning “meme coin casino,” it’s still the sector’s most recognizable project, Adam Tech told Decrypt. He argued that the project’s team risks losing its reputation as a go-to platform, however, if the trend continues. “It’s up to them to convince the trenches,” he said. As competitors eat into Pump.fun’s market share, its ability to generate revenue—the platform charges a 1% fee on all transactions—has suffered. On Sunday, Pump.fun generated under $200,000 in revenue compared to $426,000 a week before and $1 million a month prior. Earlier Pump.fun’s initial coin offering helped it raise $600 million in under 15 minutes, but most spectators on…
The post Pump.fun Revenue Plummets as Meme Coin Traders Tap Other Launchpads appeared on BitcoinEthereumNews.com.
In brief Pump.fun accounted for 19% of tokens deployed through Solana-based launchpads on Saturday. The project’s native token fell to a fresh low on Monday. Meme coin traders have been gravitating toward LetsBonk, which debuted in April Traders on Solana are backing away from Pump.fun following its massive ICO, gravitating toward other meme coin launchpads as the project’s native token struggles. The project that became synonymous with meme coins last year accounted for 19% of tokens deployed through Solana-based launchpads on Saturday, a sharp drop from 88% a month prior, according to a Dune dashboard created by pseudonymous data scientist Adam Tech. LetsBonk, a project tied to the Solana-based meme coin BONK, meanwhile, accounted for 69% of tokens deployed on Saturday. It debuted in April, and like Pump.fun, LetsBonk allows anyone to create their own meme coin with little to no technical knowledge that others can trade. LetsBonk has facilitated almost all of the top meme coin starts on Solana over the past week, with a token called DEBT hitting a $14.8 million market capitalization. On Pump.fun, a token called INCEL had achieved a market cap of $531,000. Although Pump.fun has lost its title as the reigning “meme coin casino,” it’s still the sector’s most recognizable project, Adam Tech told Decrypt. He argued that the project’s team risks losing its reputation as a go-to platform, however, if the trend continues. “It’s up to them to convince the trenches,” he said. As competitors eat into Pump.fun’s market share, its ability to generate revenue—the platform charges a 1% fee on all transactions—has suffered. On Sunday, Pump.fun generated under $200,000 in revenue compared to $426,000 a week before and $1 million a month prior. Earlier Pump.fun’s initial coin offering helped it raise $600 million in under 15 minutes, but most spectators on…
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