In an impressive milestone, Pump.fun has achieved record monthly agreement income, totaling $28.73 million in July. This achievement highlights the growing retail interest in Solana-based memecoins, such as WIF and BONK.
Pump.fun Income hits Record
According to an August 13 post by Entropia Intel news aggregator, Pump.fun, a memecoin creation platform on the Solana blockchain, has reached unprecedented heights in monthly agreement income. This accomplishment is particularly noteworthy as it occurred just two weeks after the platform surpassed Ethereum in 24-hour revenue. On July 29, Pump.fun generated $864,000, compared to Ethereum’s $550,000 during the same period.
- Record Income: Pump.fun reached $28.73 million in July.
- Surpassing Ethereum: Generated more revenue than the Ethereum blockchain for 24 hours.
Factors Driving Success in Memecoins
The record monthly income on Pump.fun can be attributed to multiple factors:
- Growing Retail Interest: There is a palpable rise in retail participation in the memecoin market, especially on Solana.
- Celebrity Endorsements: Celebrity launches have fueled excitement, with stars like Caitlyn Jenner and Iggy Azalea unveiling their own tokens.
Retail Memecoin Frenzy Continues
The enthusiasm for memecoins shows no signs of slowing down. Notably, Dogwifhat (WIF) has solidified its position as the fifth largest Solana-based cryptocurrency by market capitalization, closely followed by Bonk (BONK) in sixth place. Recently, WIF experienced a notable rally, with its price surging over 20%, although it faced a 24-hour retracement of over 8%, trading at $1.66 as of 11:28 am UTC.
Free Creation helping Pump.fun Income
In addition to its financial success, Pump.fun announced last week that it would offer the free creation of memecoins – Check Here, further attracting retail interest in the platform.
In summary, Pump.fun’s record monthly agreement income of $28.73 million in July exemplifies the surging retail interest in memecoins. The platform’s innovative approach and celebrity influencers make it an exciting player in the cryptocurrency landscape.
