Pump.fun Sees Resurgence in Activity Amidst Moodeng Coin Success
Despite past criticism, Pump.fun continues to prove resilient, bouncing back after downturns and negative sentiment in the meme coin market.
Pump.fun, the no-code meme coin creation platform on Solana, has experienced a significant resurgence in activity, with trading volume returning to levels last seen 48 days ago, on August 13, 2024. This uptick is largely attributed to improving market conditions and the success of Moodeng Coin, a meme coin inspired by the famous "Moodeng Hippo" from a Thai zoo.
Launched on September 10, 2024, Moodeng Coin swiftly ascended to become the largest meme coin by market cap ever created on Pump.fun, reaching a staggering peak valuation of $335 million within a mere two weeks. This meteoric rise of Moodeng Coin ignited a widespread FOMO (fear of missing out) among meme coin traders, fueling a surge in token creation on Pump.fun.
In the past 24 hours alone, 16,778 tokens were created on Pump.fun, though only 251 of those tokens, approximately 1.5%, graduated to listing on Raydium, a leading Solana decentralized exchange. The last time such levels of activity were observed was 48 days ago, further indicating a strong rebound in interest following Moodeng Coin's success.
Additionally, Pump.fun's daily active addresses have climbed back to 58,000, the highest level since August 8, 2024. The platform's revenue has also surged, crossing $1 million in the last 24 hours—its first time surpassing this milestone in 52 days. Since its launch earlier this year, Pump.fun has generated more than $100 million in revenue, solidifying its position as a major revenue driver within the Solana ecosystem.
In terms of token creation dominance, Pump.fun now accounts for 63.9% of all tokens launched on Solana, a figure not seen since August 13, 2024.
With over 2 million meme coins now created on Pump.fun, the platform has become a breeding ground for new meme tokens. This ease of creation has led critics to argue that Pump.fun is saturating the market with low-quality meme coins, potentially reducing the overall value of the meme coin ecosystem. Whether the current surge in activity is sustainable remains to be seen, but Pump.fun's recent performance undoubtedly highlights its continued relevance in the meme coin space. The platform's evolution and its impact on market sentiment in the near future will be intriguing to observe.
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