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Cryptopolitan 2025-01-26 16:42:00

Pump.fun makes record in single day revenue following Vine coin’s launch

Pump.fun makes record in single day revenue following Vine coin’s launch

On Saturday, January 25, Pump.fun achieved its highest single-day revenue, totaling $15.38 million in fees. According to The Block Data, Pump.fun’s single-day record of $15.38 million was followed by the popularity of the Vine Coin. The meme coin was created by Rus Yusupo, co-founder of the defunct Vine video platform. Elon Musk also made positive gestures about integrating Vine into X’s functionality, which generated intrigue among the user base. An X employee revealed that the platform may switch its video section title to Vine. Pump.fun has become the fastest crypto app to hit $100 million Pump.fun was launched on January 19, 2024, just over one year ago. It introduced radical changes to the meme coin world and has attracted “sentiment-based virtual currencies,” according to the New York State Department of Financial Services. It has achieved $100 million in revenue on the Solana blockchain, making it the fastest cryptocurrency application to accomplish this feat after only 217 days. The platform’s most popular meme coins include Moo Deng and Fartcoin, which cash in on internet culture movements but suffer occasional accusations of exploiting their investors. It relied exceptionally well on its unconventional method to establish reliable token launches, which served as an important foundation for its market growth. Rising competition from Jupiter’s Moonshot acquisition Following the launch of Vine Coin, the new cryptocurrency achieved an impressive market cap of $425 million after a mild drop. However, its viral gains enabled Pump.fun to smash its financial records during that day. The platform has recorded more than $4 billion in trading volume over the recent two weeks, and SOL token fees, based on Dune’s report , are advancing toward 2.5 million tokens . Overall, meme coins make an irresistible impression on cryptocurrency enthusiasts, but they present substantial financial risk. Law firm actions have begun analyzing losses suffered by investors as they decide whether to file legal complaints against Pump.fun. Meanwhile, The Solana DEX aggregator Jupiter announced its acquisition of Moonshot, which threatens to challenge Pump.fun’s position as a market leader. Pump.fun maintains its leadership position because of strong current performance data, but competition could arise soon. Cryptopolitan Academy: Are You Making These Web3 Resume Mistakes? - Find Out Here

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