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According to data from Dune analytics, 2,452,552 unique tokens have been deployed on the Pump.fun platform at the time of this writing.
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The team behind Pump.fun — a popular memecoin deployment platform on the Solana (SOL) network — recently announced a future token release and a newly upgraded trading terminal, dubbed “Pump Advance,” in an Oct. 19 X Spaces event.
No specific timeline for the future token launch was given by the Pump team. However, more information was provided about the recently revealed Pump Advanced platform.
According to the announcement, Pump Advance features mini-charts, data on top holders, and social indicators to help traders sift through the millions of memecoins currently vying for attention. The team also announced 0% fees for the first month and enhanced login security options via Privy.
The new Pump Advanced trading terminal. Source Pump.fun.
Memecoins have drawn mixed reactions from the crypto community, with some industry thought leaders like Murad Mahmudov arguing that memecoins provide a legitimate use case for crypto by removing the speculation premium from altcoins. In contrast, luminary Jimmy Song believes that memecoins are a net negative for investors and represent the height of speculative gambling.
Related: What is Pump.fun? A guide to Solana’s memecoin generator
Putting Pump.fun’s memecoins into perspective
Data from Dune analytics revealed roughly 98.5% of prospective memecoins on the Pump.fun platform never successfully launched by listing on Raydium — a popular decentralized trading protocol on the Solana network.
In an effort to remedy the high degree of failed token launches and potentially stop rug pulls, the Pump team announced an $80 incentive for token creators, in August 2024, to complete the bonding curve and successfully list their tokens on Raydium.
Successful launches of memecoins on the Pump.fun platform. Source: Dune.
Critics of the platform point out that the odds of picking successful memecoins on Pump.fun are less than the odds of winning roulette. One memecoin trader put the odds of choosing a winner at approximately 0.12% and characterized the platform as a “slaughterhouse.”
Despite this high degree of failure and botched token launches, the Pump.fun platform continues to attract users and boasts significant transaction volume.
On August 13, 2024, the memecoin deployment platform generated more than $5.3 million in revenues in a single day — beating the collective revenue of the 24 biggest protocols combined during the same timeframe.
Magazine: 1 in 6 new Base memecoins are scams, 91% have vulnerabilities
This article first appeared at Cointelegraph.com News
