Solana-based memecoin launchpad Pumpfun recorded greater than $1 billion in each day buying and selling quantity Monday as the sector prolonged its September rally.
Knowledge from decentralized exchange (DEX) Jupiter showed Pump.fun processed $942 million in transaction quantity on Sunday earlier than topping $1.02 billion on Monday.
The surge got here as the broader memecoin market cap spiked, climbing to $83 billion on Sunday and holding above $80 billion on Monday, according to CoinMarketCap. On the time of writing, the memecoin sector’s general market cap was $76 billion.
The $83 billion determine marked a 30-day excessive for the sector and neared the $85 billion market cap it reached on July 23.
Pump.fun’s DeFi metrics present a constructive trajectory
Knowledge from the decentralized finance (DeFi) aggregator DefiLlama confirmed that Pump.fun’s whole worth locked (TVL), a key metric that measures the worth of property deposited in a protocol’s good contracts, continued to rise. On Sunday, Pump.fun’s TVL reached a excessive of $334 million for the primary time.
DefiLlama knowledge additionally confirmed that Pump.fun surpassed the perpetuals alternate Hyperliquid in income for 2 consecutive days, rating third in 24-hour income amongst DeFi protocols, behind stablecoin initiatives Circle and Tether.
Pump.fun’s progress comes as the platform continues to push its livestreaming product. On Monday, the protocol said it paid out $4 million in creator rewards. The protocol mentioned a lot of the funds went to first-time creators.
Pump.fun creator Alon additionally just lately claimed that the platform’s livestreaming function “flipped” Rumble in the common variety of concurrent livestreams.
The Pump.fun co-founder mentioned they had been inching at 1% of Twitch’s market share and 10% of Kick’s market share. “We’re nibbling on their lunch,” Alon wrote.
Whereas the Pump.fun co-founder made daring claims, the info couldn’t be verified by way of third-party knowledge platforms.
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Broader memecoin momentum
The Pump.fun breakout coincided with renewed enthusiasm throughout the memecoin sector. Dogecoin’s (DOGE) value rose on Friday although the launch of a US-based exchange-traded fund (ETF) tied to the memecoin was delayed.
CoinMarketCap knowledge exhibits that the memecoin has seen a modest 11% achieve in the final seven days.
Aside from Dogecoin, different memecoin tokens like Memecore (M), Moo Deng (MOODENG), and DORA (DORA) noticed double-digit share features in the final week.
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