Pump.fun became the largest revenue generator of any blockchain or protocol over the past 24 hours, data shows.
11,528 tokens were deployed on Monday, bringing the cumulative total up to 1.2 million.
The number of tokens created can be attributed to the ongoing celebrity-themed token narrative.
Celebrity-inspired meme coins spurred a surge in revenue for token launchpad Pump.fun over the past 24 hours, lifting the protocol’s revenue above the Ethereum blockchain’s for the first time.
Pump.fun racked up $2 million in daily revenue in the time period, pipping Ethereum’s $1.91 million and making it the largest revenue generator of any blockchain, according to data on DefiLlama.
Data from Dune Analytics shows that 11,528 tokens were deployed on Monday bringing the cumulative total up to 1,199,685. Cumulative revenue on the platform has now reached $50.9 million. In March, Pump.fun was on track to hit $66 million in annual revenue, a figure that is likely to be surpassed before the year is out if current activity continues.
The narrative around celebrity-themed meme coins began in late May when the likes of Caitlyn Jenner, Iggy Azalea, Trippie Redd, and Davido all set up meme coins on Solana.
Crypto natives have been looking to cash in on the trend, creating tokens on Pump.fun in hope that one catches viral attention, thus increasing in value.
It’s worth noting that Solana, the blockchain Pump.fun is based on, is relatively cheap compared with Ethereum. This means that bad actors can create tokens and conduct rug pulls for cheaper than on Ethereum.