Solana based memecoin creator Pumpfun has soared to 4.40 million tokens for the present month. Additionally, Pump.fun saw a meteoric rise in November, reaching $82.78 million in revenue, its highest monthly revenue to date. This is a startling 207% increase over the $30.5 million figure from October.
Pump.Fun is the creator of 13 memecoins with market capitalizations of over $100 million for each token, with Peanut the Squirrel (PNUT) leading the pack with a market capitalization of almost $1.5 billion and Goatseus Maximus (GOAT) coming in second with $937 million.
Pump.fun November Statistics: What Do They Say?
With an average of $1.54 million per day, Pumpfun’s fee income has grown to $368 million annually. The total number of deployed tokens on the chain are 4,038,775, with an average of 16,898 new tokens every day.
The monthly transactions at present total to 388 million, which is almost twice as much as other DEXs.
Pump.fun Sees Livestream Trouble
The rise in revenue comes at a time when the livestream feature of Pump.fun has been suspended indefinitely due to strong community outcry over broadcasts of harmful content.
The platform announced in a community notice that the livestream feature will be put on hold while it develops more robust infrastructure and security measures to guarantee the feature is used appropriately.
Following mounting criticism over allegations of damaging behavior being streamed on the platform, the suspension was implemented. Users brought attention to incidents like live broadcasts of explicit acts, violence, and threats of self-harm.
Pump.fun’s Revenue Rise Aided By Solana’s Popularity
Traders have frequently found Solana-based memecoins to be profitable, especially because of Solana’s quick processing times and cheap transaction costs. These characteristics make it a desirable blockchain for memecoin initiatives, enabling high liquidity and quick trading. The main appeal for traders lies in their capacity to produce sizable profits in brief periods of time.
The ecosystem of Solana has also been encouraging innovation and drawing in new users. Because traders and investors are searching for alternatives to Ethereum-based tokens, projects like Pump.fun profit from this expanding network. Even though memecoins are naturally erratic, those who time the market correctly can profit greatly from them.
With the rise in capital flow for memecoins, retail investors have usually found it easier to mint out of Solana’s less cumbersome transactions and interface. This also demonstrates that ecosystems like Pump.fun have a greeter success probability due to Solana’s popularity.