Pump.fun’s cumulative revenue crosses $50 million

Solana SOL +4.38% -based memecoin launchpad Pump.fun’s cumulative revenue has crossed  $50 million, according to DefiLlama data. 

In the past 24 hours, the platform generated over $598,000 in revenue.

Pump.fun emerged as a popular platform amid the recent meme-token boom, where its ease of use and Solana’s low transaction fees led to the creation of countless political themed cryptocurrencies, celebrity tokens and other tokens.

So far, over 1.18 million memecoins have been deployed via pump.fun, according to data from Dune Analytics. The platform saw its daily fees taper off recently due to unfavorable broader market conditions.

Nevertheless, the high activity and substantial fees generated by pump.fun and the tokens deployed from it have demonstrated notable user engagement and brought significant economic activity to Solana.

Meanwhile, crypto data aggregator Dexscreener launched a rival memecoin launchpad named Moonshot , which is also Solana-based. The platform has accumulated nearly $500,000 in revenue in its debut week, according to DefiLlama data .