Pump.fun Leads With Stable Revenue, Memecoin Prices Soar

Modal coins have made a remarkable recovery, with Solana-based launch pad pump.fun leading the way. Despite a mediocre September, pump.fun has generated at least $900,000 in revenue for 12 consecutive days, an unprecedented milestone. Much of this resurgence can be attributed to MOODENG, a pump.fun token inspired by a viral baby hippo at a zoo in Thailand, which has sparked renewed interest in modulo coins. Traders now favour pump.fun tokens over traditional modal coins such as dogcoin and pepe.

Kaito AI, an artificial intelligence tool that analyses online sentiment, reports that memecoin awareness is at its highest level in a year. While the majority of the top 10 memecoins declined this week, pump.fun experienced its most stable period of revenue to date. This shift suggests that traders are increasingly attracted to pump.fun's unique product. The hype machine of the crypto community has also played a role, with prominent figures such as Murad Mahmudov and Su Zhu expressing optimism about the future of memecoin. Former Bitcoin extremist Mahmudov became popular when he predicted that memecoins would outperform other assets by 2025. Su Zhu, co-founder of the now-defunct Three Arrows Capital, said institutional investment in memecoins could be a significant trend in the fourth quarter of 2024.

Ether co-founder Vitalik Buterin revealed that he sold his MOODENG token holdings and donated the proceeds to support technology to fight airborne diseases. In addition, a rapper released pump.fun memecoin, joining the growing list of celebrities participating in the platform. However, not everyone is optimistic. A popular cryptocurrency poster based16z warned latecomers that they could become exit liquidity for early adopters.

The modem coin market seems to be in a repetitive cycle, with familiar players and patterns emerging. Nonetheless, pump.fun has proven its staying power in the volatile cryptocurrency space by generating more than $120 million in revenue within 10 months of launch. Traders and industry observers are advised to approach pump.fun with caution as the market evolves.