Celebrity meme coins controversy continues amid Pump.fun revenue dominance

Meme coin generation platform Pump.fun outperformed the Ethereum blockchain in daily revenue on Tuesday after raking in $1.99 million. Following this achievement, a celebrity meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.

Pump.fun claims bragging rights over Ethereum in daily trading volume

Solana meme coin launchpad Pump.fun flipped Ethereum in daily revenue today, according to data from DefiLlama. Pump.fun generated $1.99 million in revenue, more than Ethereum's $1.91 million in the past 24 hours. 

This makes the platform the largest revenue generator across all blockchain networks. Pump.fun saw over 11,528 tokens deployed on its platform on Monday, increasing the total number of tokens launched via its launchpad to 1,199,685, according to data from Dune Analytics.

Hence, its revenue generation increased over the past 24 hours. Earlier reports also revealed that Pump.fun had reached a cumulative revenue of over $50 million since its launch in January.

Meanwhile, a potential celebrity pump-and-dump meme coin launch based on actress Sydney Sweeney caught the spotlight in the past few hours. The SWEENEY token quickly accumulated more than $1 million in market cap after Sydney Sweeney posted about it on her X account.

However, following revelations from several analysts that the token developers hold a large percentage of its supply, several potential insider wallets quickly dumped their bags on investors. Not long after, Sweeney's posts about the token disappeared from her X account.

Following this, @sahildotfun, an account linked to several celebrity meme coin launches, appeared to have been suspended on X.

On the other hand, larger Solana-based meme coins have been experiencing declines in the past 24 hours. WIF and BONK lost 5% and 2% of their value, respectively, shedding off gains from Monday's price growth.