Pump.fun Surpasses Solana and Ethereum in 30-day revenue

According to Dune Analytics, 47% of Solana's revenue comes from transactions on the meme coin launch platform Pump.fun. The data also shows that Pump.fun has launched over 4.2 million meme coins. Pump.fun has surpassed both Solana and Ethereum in 30-day revenue, indicating a strong increase in user activity on the world's third-largest blockchain. Over the past 30 days, Pump.fun has recorded revenue of $116.72 million, while Solana achieved $116.46 million and Ethereum $107.64 million. Out of 14 million cryptocurrency wallets interacting with Pump.fun, only 0.4% have made profits over $10,000. In the past 24 hours, Pump.fun has generated $1.15 million in transaction fees, with a total cumulative fee revenue of $435.29 million. Although Solana is experiencing strong growth, its cumulative transaction fees are still far behind Ethereum's over the 30-day period. Specifically, Solana recorded $1.02 billion in cumulative transaction fees, while Ethereum reached $19.9 billion. Dune Analytics points out that 89,669 tokens launched on Pump.fun have been listed on Solana's decentralized finance protocol Raydium. However, this platform applies a 1% transaction fee on newly launched tokens until they reach a certain threshold. Trump-themed meme coins have contributed to Pump.fun's 30-day revenue of $116.72 million. According to Dune Analytics, the tokens on this platform have reached ATH with weekly trading volume reaching $3.3 billion. On January 23, Pump.fun's trading volume surpassed $544 million, breaking the previous record. This frenzy started on January 18 after Trump announced his own TRUMP meme coin, and continued to explode with the launch of the MELANIA token just before his inauguration on January 20. Trump's token issuance has triggered a wave of copycat tokens aiming to capitalize on the strong growth of meme coins. The security firm Blockaid reported that the number of "Trump" tokens increased from 3,300 to 6,800 immediately after the TRUMP meme coin was launched. Alon, the founder of Pump.fun, also revealed that previous research had found bot activity playing a crucial role in driving transaction metrics on Solana. He said meme coin creators often abuse bots to inflate trading data to attract investors. Data from defillama shows that Pump.fun is about to cross the $500 million mark in cumulative revenue. The platform has drawn the attention of the Burwick Law firm, which is threatening to sue on behalf of investors who have suffered losses due to meme coins. The law firm alleges that rug pulls and speculation on Pump.fun have caused significant losses while the platform continues to collect massive fees. "Over the past few months, Pump.fun has collected hundreds of millions of dollars in transaction fees, while illegal drug use and other antisocial behaviors have continuously surfaced on the platform. The creators of this platform remain anonymous, despite acknowledging the importance of transparency and the participation of retail investors, which raises serious concerns about accountability." This meme coin launch platform has also been forced to shut down its livestream feature after it became a "chaotic stage" with shocking stunts to attract investment. Some meme coin promoters have abused this feature to engage in offensive behaviors such as self-harm, animal abuse, anti-Semitism, racism, and pornography to manipulate token prices. Analyst Adam Tehc estimates that the number of investors who may join the Burwick lawsuit could reach into the millions, as only 0.4% of wallets on Pump.fun have made profits over $10,000. In December, the UK Financial Conduct Authority (FCA) banned UK citizens from participating in Pump.fun as part of measures to prevent fraud. Disclaimer: This article is for informational purposes only and not investment advice. Investors should do their own research before making decisions. We are not responsible for your investment decisions. Join Telegram: https://t.me/tapchibitcoinvn Twitter (X): https://twitter.com/tapchibtc_io Tiktok: https://www.tiktok.com/@tapchibitcoin Itadori