- Solana's Pump.fun token generator has curated $30 million in revenue from meme coin generation.
- Pump.fun saw almost half a million tokens launched in May.
- Solana's low fees and ease of use play a major role in the meme coin craze.
Pump.fun generated over $30 million in revenue and saw over half a million token generations in May, according to data from DeFiLlama.
Pump.fun records impressive revenue growth amid celebrity meme coin hype
Following a three-week-long meme coin craze on the Solana blockchain, Pump.fun — one of Solana's major token generation platforms — realized $30 million in revenue in May. This reveals that much of the token growth on Solana has largely been due to Pump.fun's influence. In May alone, the protocol saw half a million token launches, the majority of which were meme coins.
Also read: Whale rotates capital from WIF to TREMP and BONK, Solana meme coins make comeback
Pump.fun provides a simple platform where anyone can create a token with just a few clicks.
Due to its ease of use, Pump.fun has become the go-to platform for token generation, especially among meme coin developers.Solana's low fees and high throughput may have also contributed to the success of Pump.fun as meme coin creators can easily gather users around their projects without traditional blockchain bottlenecks.
For example, several celebrities leveraged Pump.fun to deploy meme coins based on their names and creations. Caitlyn Jenner, Iggy Azalea, Donald Trump and Davido are among the celebrities who released their tokens via Pump.fun.
Also read: Gaming tokens set for rally after Roaring Kitty ignites a surge in GameStop stock
However, most of these tokens experienced a quick pump and dump within a few days after launch.
Some crypto community members believe that the increased launch of meme tokens on Pump.fun may have been partly inspired by the success of earlier Solana-based meme coins like dogwifhat (WIF), BONK and Book of Meme. These tokens were part of the major drivers of the meme coin frenzy earlier in March.
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