The Solana meme coin creation platform Pump.fun has reached a new all-time high in monthly agreement income.
During July, the meme coin launchpad recorded $28.73 million worth of agreement income, according to an Aug. 13 X post by news aggregator, Entropia Intel. This is just two weeks after Pump.fun surpassed Ethereum in 24-hour revenue on July 29.
Pump.fun Activity Driven By Meme Coin Hype
Much of Pump.fun’s success can be attributed to the investor frenzy that erupted around Solana meme coins in the past couple of months. During this craze, several celebrities including Iggy Azalea, Caitlyn Jenner and Rich The Kid all looked to capitalize on the hype with the launch of their own tokens.
Not all of these cryptos go on to stay in the market. In fact, the majority of meme coins created via Pump.fun fail to survive past their initial hype. Data from Dune Analytics shows that the success rate of these new crypto’s making their way onto the Solana-based deccentralized exchange Raydium has fluctuated between 1.21% and 1.41% since May this year.
Market Cap For Solana Meme Coins Jumps Over 3% In The Last 24 Hours
Despite many meme coins minted through Pump.fun not seeing the light of day, the general Solana meme coin sector continues to pull investors in. Throughout the past 24 hours, the market cap for this subset of the crypto space rose more than 3%, and stands above $6.5 million as of 9:55 a.m. EST.
Smaller-capped tokens such as MindCoin (MIND) and nomnom (NOMNOM) raked in the most capital during the last trading session. CoinGecko data shows that MIND’s price surged more than 79% in the last 24 hours, pushing the crypto’s value to $0.0001296. NOMNOM posted a smaller, but still impressive, 40% gain during the same period.
Meanwhile, leading Solana meme coins including Dogwifhat (WIF), Popcat (POPCAT) and BOOK OF MEME (BOME) are all in the green on the weekly timeframe. WIF was the top performer over the past 7 days after its price rose over 20%.
