Memecoins Surge As Pump.fun Leads The Way With Consistent Revenue

According to Blockworks, memecoins have made a notable comeback, with the Solana-based launchpad pump.fun at the forefront. Despite a quiet September, pump.fun has recorded 12 consecutive days of at least $900,000 in revenue, a milestone it has never achieved before. This resurgence is largely attributed to MOODENG, a pump.fun token inspired by a viral baby hippo from a Thai zoo, which has sparked renewed interest in memecoins. Traders are now favoring pump.fun coins over traditional memecoins like dogecoin and pepe. Kaito AI, an AI tool that analyzes online sentiment, reported that memecoin mindshare is at a yearly high. While most of the top 10 memecoins have seen declines this week, pump.fun has experienced its most consistent revenue period yet. This shift indicates that traders are increasingly drawn to pump.fun’s unique offerings. The crypto community's hype machine has also played a role, with notable figures like Murad Mahmudov and Su Zhu expressing optimism about the future of memecoins. Mahmudov, a former bitcoin maximalist, went viral for predicting that memecoins will outperform other assets in 2025. Su Zhu, co-founder of the now-defunct Three Arrows Capital, suggested that institutional investment in memecoins could be a significant trend in Q4 2024. Ethereum co-founder Vitalik Buterin revealed that he sold his MOODENG allocation and donated the proceeds to support anti-airborne disease technology. Additionally, a rapper released a pump.fun memecoin, adding to the growing list of celebrities engaging with the platform. However, not everyone is optimistic. A popular crypto poster, based16z, warned latecomers that they might serve as exit liquidity for early adopters. The memecoin market appears to be in a repetitive cycle, with familiar players and patterns emerging. Despite this, pump.fun has generated over $120 million in revenue within 10 months of its launch, demonstrating its staying power in the volatile crypto landscape. As the market evolves, traders and industry watchers are advised to approach pump.fun with caution.