Solana Meme Coin Generator Pump on Track for $66M Yearly Revenue

During a gold rush, selling shovels was an effective way to earn substantial profits, and the same principle applies in the modern realm of digital assets.

Since its launch in March, meme coin generation platform Pump has raked in more than $5 million in fees during the current meme coin craze on the Solana network. This puts it among the top earning apps within a brief timespan.

In the last 24 hours, the platform earned $300,000 solely from Solana, according to available data. This substantial amount represents a sizeable portion of the network’s total fees, which currently stand at approximately $2.5 million. Based on current usage and projected growth, annual earnings are estimated to reach around $66 million, as indicated by DefiLlama statistics.

With Pump, users can create their own token by investing $2 in capital. Once issued, they have the freedom to decide on the token’s number, theme, and meme image. When a token’s market capitalization hits $69,000, a portion of its liquidity gets transferred to Raydium exchange and destroyed. Recently, Pump expanded its reach by adding support for Blast and Base networks.

For traders, the allure of using Pump is its built-in security feature: Unlike in the crypto world where token issuers can suddenly “pull the rug” and drain liquidity (a common scam called a rug pull), this cannot happen with tokens issued on the Pump platform.

“On Pump, a token is safeguarded through the pump mechanism, ensuring new issues are secure. Notably, coins introduced on Pump undergo a fair launch without any prior sales or team reservations.”

New tokens are generated at an astonishing rate, approximately every other second according to CoinDesk’s estimation. In the Asian morning hours on Tuesday, they calculated a staggering 35 new issuances within one minute. However, it is important to note that this number could vary significantly depending on time zones and the level of interest in new meme trends.

Among the vast number of tokens, roughly estimated to be in the tens of thousands, launched on Pump since its debut in March, only a small percentage have attained market capitalizations exceeding $10 million.

Cat memes attract many people, with Pump token offerings varying from a bottle of Arizona Iced Tea and the Lord of the Rings character Gandalf to an old-school pixel representation of a rubber duck.