How memecoins helped Pump.fun grow 207% in November

Pump.fun’s monthly revenue hit $93M in November, reflecting a 207% growth.
The platform suspended its livestream feature amid concerns over harmful content.

As a seasoned researcher with a keen interest in the crypto market, I must admit that I am both captivated and intrigued by Pump.fun’s meteoric rise. The platform’s staggering growth statistics are a testament to its innovative approach and the memecoin market’s resurgence in 2024.

2024 saw an impressive comeback for the memecoin sector, as platforms such as Pump.fun, which operates on Solana [SOL], have been spearheading this revival.

Based on DefiLlama’s reports, the monthly earnings of Pump.fun reached a staggering $93 million in November, representing a significant leap of 207% compared to October’s income of $30.5 million, which was already a remarkable high.

After experiencing a difficult phase in August and September, where the platform’s monthly revenues decreased on average by about 29%, there has been a recovery in performance.

Pump.fun growth statistics analyzed

Recently, it’s been making a big splash in the cryptocurrency world: Pump.fun’s ongoing activities. This popular platform built on the Solana network has released approximately 4.2 million meme coins, as reported by Dune Analytics in their latest data update.

Despite recent declines in SOL’s price, Pump.fun has demonstrated significant liquidity movements.

According to Lookonchain’s data, there was a recent deposit of 65,000 Solana tokens, equivalent to around $15.23 million, into Kraken. This addition increases Kraken’s total deposited Solana tokens to about 798,869, which is roughly worth $154 million.

Additionally, Pump.fun has sold 264,373 SOL, converting it into 41.64 million USDC.

For people who might not know yet, ever since it began, this platform has accumulated a massive amount of 1,526,937 SOL, which is equivalent to approximately $362 million. This significant figure demonstrates its strong position and profitability within the memecoin market.

As reported by CoinGecko, the combined market value of tokens released through Pump.fun currently stands at approximately $6.63 billion. This represents a slight decrease of 2.9% over the last 24 hours.

However, this dip hasn’t overshadowed the remarkable performance of individual tokens.

Memecoins catalyzing Pump.fun’s success

In just one day, meme coins such as Peanut the Squirrel have seen a 10% increase, and over the last month, their value has skyrocketed by an astounding 900%.

Similarly, Moondeng posted a 99% daily increase, climbing by over 285% in the last 30 days.

At the forefront stands Act I: The AI Prophecy, which has experienced a phenomenal surge of 3,500%, emphasizing the vibrant and lucrative possibilities within the environment provided by Pump.fun.

The ongoing challenges

Nevertheless, even though it’s been making strides recently and showcasing groundbreaking developments, Pump.fun is facing hurdles that underscore the intricacies of striking a balance between innovation and accountability.

The platform recently faced backlash over the misuse of its livestream feature, which led to the spread of harmful content.

Recognizing the potential hazards, Pump.fun has chosen to discontinue the feature permanently, highlighting their dedication to creating an environment that is both secure and welcoming for all users.

This move serves as a reminder that while innovation drives growth, addressing ethical concerns remains crucial for sustainable success.

2024-12-05 06:15

Pump.fun growth statistics analyzed

Memecoins catalyzing Pump.fun’s success

The ongoing challenges

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