Pump.Fun, the popular memecoin launchpad, has achieved a new milestone, attaining the highest monthly revenue in November. The platform was launched at the beginning of the year and has launched more than 4.2 million meme-themed cryptos in this period. With that, its monthly revenue has surpassed $93M, creating a new all-time high since its introduction in January. Most importantly, this has happened despite the heavy backlash and threats of boycotting in the last week of November, but it surpassed the challenges.
Pump.Fun Raised Above Backlash, Attaining $93M Revenue
In the last week of November (Nov. 25 to Dec. 1), the Pump.Fun received heavy backlash over its livestream segment due to increased explicit content on the platform. The users urged the platform to ban the Livestream due to the increased intensity of such content. The team immediately took action and removed the feature. However, in this period, the Pump.Fun revenue took a toll, decreasing almost 66% in that week compared to the previous week.
However, despite that, it has achieved the highest ever collected monthly revenue, reaching $93M in November per DeFiLlama. Interestingly, the highest revenue was collected in the third week (Nov. 18th to Nov. 24th), where the platform earned $33.83 million. This is a 60% increase from the previous week and a whopping 400% increase since the beginning of the month. In the fourth week, it received only $11.31M, bringing the total to $93M, 207% higher than the October revenue ($30.5 million).
With that, the cumulative revenue comes to around $240M, which is a major milestone.
How This Memecoin Launchpad Achieved This Milestone?
Pump.Fun has been constantly in the limelight either for its simple memecoin launching feature to the rising scams and boycott threats. Just recently, a Genz kid came to attention after he did a crypto pump-and-dump scam on Livestream, showcasing how easy it is to run scams by launching a new token on this platform. However, despite the odds, the memecoin launchpad is constantly rising in growth and revenue. And the biggest reason behind this is the high demand for Solana meme coins, which has offered heavy returns throughout the year.
Though this began with tokens like WIF and Popcat, the same popularity has now shifted to Pump.Fun meme tokens like CHILLGUY, PNUT, MOODENG, and many others. These are now topping the trending memecoins list. More importantly, Coingecko’s stats clearly show the platform’s launched tokens’ popularity. They have a collective market cap of $6.4B with $5.6B in trading volume.
PNUT is leading these with a market capitalization of $1.2B and a trading volume of $2.1B. The token is trading at $1.21 after a 9% surge in the last 24 hours. Moreover, the Peanut The Squirrel controversy has fueled its hype over time.
Next in line is the CHILLGUY, trading at $0.5146 after a 32% surge. Additionally, it has a market capitalization and trading volume of $514M and $232M. Lastly, MOODENG took the internet and the crypto industry by storm. It is currently valued at $0.5455 after a 9% surge with a market capitalization and trading volume of $543M and $1.3B.
Additionally, the platform is working on continuous upgrades and fulfilling the user’s demand. It even announced the future launch of a new and advanced trading terminal with a token launch, building new demand around itself. Overall, the demand for these meme-themed cryptocurrencies and users’ interest in the platform boosted the revenue. With that, many crypto investors made heavy profits, including this trader turning $800 into $400K.
Final Thoughts
Pump.Fun is raising the odds and overcoming the backlash over the livestream’s explicit content. However, the DeFiLlama report clearly reveals the memecoin launchpad hitting an all-time high revenue at $93M. In this, the third week of the month witnessed the highest growth, whereas the last week had the lowest revenue. To many, this was concerning, but compared to the October revenue report, it is up by 200% and more.
The post How Pump.Fun Achieved a Record $93M in Monthly Revenues? appeared first on CoinGape.
