Celebrity-inspired meme coins have recently contributed to a significant surge in revenue for the token launchpad Pump.fun. Over the past 24 hours, Pump.fun’s daily revenue reached $2 million, surpassing Ethereum’s revenue of $1.91 million. This milestone marks Pump.fun as the highest revenue generator across all blockchains, as reported by DefiLlama.
The platform saw a total of 11,528 tokens deployed on a single day, bringing the cumulative total to an impressive 1,199,685 tokens. The overall revenue on Pump.fun has now reached $50.9 million. In March, the platform was projected to hit $66 million in annual revenue, a target that is likely to be exceeded given the current high activity levels.
Celebrity-Themed Meme Coins Trend
The trend of celebrity-themed meme coins gained traction in late May when notable figures like Caitlyn Jenner, Iggy Azalea, Trippie Redd, and Davido launched their own meme coins on the Solana blockchain. This trend caught the attention of crypto enthusiasts, who saw an opportunity to capitalize on the hype by creating tokens on platforms like Pump.fun.
By creating tokens on Pump.fun, creators hope to leverage viral celebrity attention to boost the value of their tokens. However, it’s essential to note that Pump.fun operates on the Solana blockchain, which offers lower costs compared to Ethereum. This affordability has led to concerns about potential rug pulls and scams being executed more easily on Solana-based platforms.
Future Outlook
As the popularity of celebrity-themed meme coins continues to grow, the revenue generated on platforms like Pump.fun is expected to increase further. The appeal of these coins lies in their association with well-known personalities, driving interest and investment in the crypto space.
Despite the potential for rapid growth and profits, investors and creators should remain cautious and conduct thorough research before engaging with meme coins and token launchpads. Understanding the risks and benefits of participating in such ventures is crucial for navigating the volatile crypto market successfully.