Pump.fun hits record revenue amid AI and memecoin frenzy, surging to $30.5 million in October

2024-11-07 22:18:32 Primitive Reading

From theblock by Brandon Kae and Ivan Wu

Pump.fun, the infamous platform where anyone can create and launch a token on Solana, has recorded a new monthly all-time high in revenue generated with $30.5 million. This figure represents a 111% increase over the previous month’s total, while also surpassing the previous monthly all-time high of $28.64 million set in July.

October’s figure also broke a two-month downtrend in the revenues generated by the platform, where it previously saw two consecutive months of diminishing revenue, falling by an average of 29% per month.

The sudden resurgence of Pump.fun came as memecoins of viral memes, with MOODENG being the prime example, went on an impressive price-appreciating run.

This was not the sole reason though, as the onchain market was flooded with a new "AI meta," where multiple Pump.fun tokens seemingly “endorsed” by various autonomous AI agents posting on X came to light.

Of this, the GOAT token, “endorsed” by AI agent @truth_terminal on X, became the highest-ever valued token that originated from pump.fun, with a peak market capitalization of $920 million set on Oct. 24, 2024.

Multiple similar “AI-related” tokens and memecoins also reached 8-figure and 7-figure market caps at their respective peaks, such as GNON with $190 million, fartcoin with $83 million and ACT with $74 million, to name a few.

However, these memecoins have since fallen far from their peaks as the hype and attention surrounding them have faltered, with most down over 50% from their respective all-time highs.

The downturn in this recent “AI meta” has not stopped memecoins from blowing up on Pump.fun though.

Most recently, a memecoin named PNUT, inspired by the P’nut the squirrel, a pet squirrel that went viral after it was euthanized by New York authorities, reached a peak market cap of nearly $130 million, following the mentions (of the incident, not the memecoin) by Elon Musk and Donald Trump.

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