Pump.fun hits record $28.7 million monthly agreement income for July

Zoltan Vardai12 hours agoPump.fun hits record $28.7 million monthly agreement income for JulyThe memecoin creation platform"s record monthly income showcases the growing retail interest towards Solana-based memecoins like WIF and BONK.1056 Total views3 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onPump.fun, a Solana-based memecoin creation platform, has reached a new all-time high in monthly agreement income, which is another testament to the growing retail interest in memecoins.

Pump.fun reached a record monthly high of $28.73 million worth of agreement income accumulated during July, according to an Aug. 13 X post by Entropia Intel news aggregator.

The memecoin platform’s record monthly income comes two weeks after Pump.fun surpassed the Ethereum blockchain in 24–hour revenue on July 29, when the platform generated $864,000, compared to Ethereum’s $550,000 during the same period.

The memecoin platform’s success is mainly attributed to the growing retail interest in memecoins, specifically on its native blockchain, Solana, that gave birth to some of this cycle’s most trending memecoins.

Celebrity memecoin launches have also contributed to the memecoin frenzy. Pump.fun has recently seen celebrities like Caitlyn Jenner, Iggy Azalea and Rich The Kid launching their own tokens.

Related:Bitcoin needs to breach $70K, ETH $4K, for altseason start — Arthur HayesRetail memecoin frenzy continues with a 20% WIF rally

The retail appetite for memecoin continues to soar despite price volatility. This is also evidenced by dog-themed memecoin Dogwifhat (WIF) growing into the fifth largest Solana-based cryptocurrency by market capitalization, followed by Bonk (BONK) in the sixth place.

Over the past week, WIF price surged over 20% but saw a 24-hour retrace of over 8% to trade at $1.66 as of 11:28 am UTC.WIF/USD, 1-month chart. Source: Cointelegraph

In the wider memecoin ecosystem, the total trading volume for meme tokens rose 3% in the past 24 hours to $3.57 billion, while their total market capitalization fell by 2.3% to $38.3 billion,  according to CoinMarketCap.Top 10 memecoin by market capitalization. Source: CoinMarketCap

Related:Whale buys nearly $13M of Ether, but price needs to reclaim $2.7K for next leg upMost of the memecoins on Pump.fun don’t make it to the first DEX

The majority of the memecoins launched on Pump.fun failed to make it on the first decentralized exchange (DEX) before being forgotten.

Dune Analytics data shows the success rate of Pump.fun crypto tokens making it onto the Solana-based decentralized finance protocol Raydium is 1.41%. This rate has fluctuated between 1.21% and 1.41% since May. Its all-time high of 2.56% was reached on Feb. 16.

“The ‘graduation rate’ of coins on Pump Fun (those that made it to $69k and got listed on a dex) is stagnant around 1.4%,” Cinneamhain Ventures partner Adam Cochran commented in an Aug. 1 X post.The total success rate for pump.fun crypto tokens is 1.41%. Source: Dune Analytics

Cochran further pointed out that no new coins have “really cracked” the $20 million fully dilated valuation (FDV) level — a measure of a cryptocurrency’s total value if all coins were in circulation.

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