Data & Insights: Pump.fun’s Revenue Hits New Highs & Crypto's Mainstream Comeback

Boss Told Me To Stop Writing About Memecoins Every Week But I'm Just A Chill Guy

• Pump.fun has reached a new all-time high in its daily revenue, with ~$5.3 million generated on Sunday, November 24, 2024.
  • This is 1.5% higher than its previous daily all-time high set just 3 days prior on Thursday, November 21st.
  • Interestingly, the last four days has seen the platform average $5.15 million in revenue per day, compared to the $4.1 million daily average of the four days prior to that.
  • This is a culmination of a meteoric rise that has started since the beginning of November, in which it generated just $923,000 on November 1.
  • Daily revenue generated by pump.fun has increased at a rate of nearly 10% per day this month.
  • In the 24 days of November so far, it has generated a total of over $80.6 million in revenue.
• Various pump.fun-originated tokens reached multi-million dollar market caps
• The ease of creating a token has also made it a “social” thing of sorts, where any semi-significant cultural/social event that occurs in the real world could generate multiple tokens.
  • Some of the most notable examples of this would be MOODENG, PNUT, LUCE and most recently, CHILLGUY.
  • We’ve talked about most of these tokens in the past couple of weeks, but CHILLGUY is the most recent, with the token, inspired by the viral TikTok meme, reaching a market capitalization upwards of ~$500 million at its peak.
• With wider crypto market prices continuing to climb and investor appetite for more risk-on assets to purchase continues to increase, pump.fun has solidly positioned itself to be the de-facto token launch platform to enable and satiate this ever-increasing appetite, with these revenue numbers looking likely to continue climbing in the weeks to come.

The Flippening No One Is Talking About

• Ethereum has reclaimed its dominance in terms of USDT supply, surpassing Tron for the first time since June 2022.
  • As of the time of writing, there are 66.936 Billion USDT in circulation on Ethereum and 61.77 Billion on Tron.
    USDT on Ethereum is up nearly 62% year-to-date (YTD), while Tron has seen a more modest 24.4% increase in the same period.
  • The flippening comes on the heels of a surge in USDT minting activity this past week
• The cause of the dramatic increase in USDT supply on Ethereum may be simply due to bullish market conditions
  • Bitcoin recently smashed through its all-time high, reigniting retail and institutional interest.
  • This momentum has been amplified by growing anticipation around the approval of spot Bitcoin ETFs, a development widely seen as a gateway for institutional capital.
  • Such a backdrop creates fertile ground for stablecoins like USDT, which serve as the backbone for trading liquidity and capital flow across the crypto ecosystem.
• Ethereum’s enduring appeal for USDT issuance is also tied to its DeFi dominance and institutional adoption, as it remains the go-to chain for stablecoin liquidity in the industry.
• On the other hand, Tron’s role as a transactional workhorse—favored for its low fees and speed—remains critical, particularly in remittance-heavy regions.

Solana DeFi Mogging

• Solana DeFi protocols’ generated revenue has been outpacing Ethereum’s DeFi protocols at a consistent rate in recent months.
  • Some of the most notable examples include Raydium, which has generated over $175 million in revenue in November so far. Meanwhile, its Ethereum-based counterpart, Uniswap, has generated just $69.1 million in the same time period.
  • Jito, the liquid staking protocol on Solana that also incorporates MEV strategies, has generated $164.7 million in November so far, surpassing that of its Ethereum-based liquid staking counterpart Lido’s $62.3 million.
  • In total, Solana’s DeFi protocols—including Raydium, Jito, and pump.fun—have amassed $420.7 million in November revenue so far. This is 161% higher compared to Ethereum’s leading DeFi players—Uniswap, Aave, and Lido—which combined for $161.2 million over the same period.
• The outperformance of Solana’s DeFi ecosystem can be attributed to several factors:
  • The low fees and high throughput in Solana create an ideal environment for high-volume trading and staking activities.
  • Protocols native to Solana, such as Jito, are tapping into growing niches like MEV optimization in addition to its main liquid staking offerings.
  • Solana’s recent resilience, following its recovery from a turbulent 2022, has attracted both users and capital back to its ecosystem. This momentum has been bolstered by Solana’s positioning as a less cost-intensive and arguably faster alternative to Ethereum.
• While Ethereum remains the dominant chain for DeFi in terms of TVL, the revenue figures put on by Solana DeFi protocols this year suggest a growing appetite for its high performance and cost-effectiveness.

Pixel People NFTs Are Kinda Back

• The floor price of CryptoPunks reached 37.3 ETH last Sunday, on the 17th, its highest level since May 2024.
  • This marks a dramatic 47% increase from the 25.35 ETH floor recorded at the start of the month.
  • The NFT market has seen a notable recovery in November, but CryptoPunks has been the standout performer.
  • While the broader NFT market has been on an upswing, CryptoPunks’ performance far outshines other popular collections.
  • By comparison, BAYC, Milady Maker and Pudgy Penguins have gone up by 7%, 34% and 28%, respectively, in the same period.
  • On average, these competing collections have seen their floor prices rise 34.5%, notably lagging behind CryptoPunks’ 47% surge.
• As one of the first major NFT projects, CryptoPunks remains a symbol of NFT culture and history. Their intrinsic value as "OG" NFTs positions them as solid blue-chip assets among older “whale” market participants and traders.
  • The broader market has also been fueled by a resurgence in optimism following Bitcoin’s new all-time high, and this renewed confidence has likely spilled over into NFTs, with high-profile collections such as CryptoPunks benefiting disproportionately from the increased attention.
  • Unlike some newer collections, CryptoPunks also enjoy relatively high liquidity and a strong secondary market presence, making them a preferred alternative asset during times of capital rotation.

Your Non-Crypto Friends Are Talking About Crypto Again

• Phantom Mobile, the mobile app for crypto wallet Phantom, has climbed up the US app store rankings to reach number 4 overall.
  • It is now, at the time of writing, the most popular crypto application, surpassing Coinbase, Robinhood and even Cashapp.
  • For context on how rapidly it has managed to climb the app store rankings,
• Phantom was ranked 377 two weeks ago and ranked 205 just last Monday.
• Meanwhile, Moonshot, another popular crypto app that simplifies the discovery and trading of memecoins, has also climbed the charts this week, reaching number 26 in the finance category on the US app store
  • Moonshot has managed to surpass Kraken, OKX and Binance.US this week
• The seemingly sudden and rapid rise of both these apps was likely the result of Bitcoin continuing to set new all-time highs and to an extent, the CHILLGUY token.
  • The CHILLGUY token, originating from Solana-based pump.fun, is a token inspired by the viral “Chill guy” meme on TikTok.
  • The meme gained virality on TikTok, which prompted crypto participants to create a token of it on pump.fun.
  • The token began to gradually rise to a $10 million market cap within its first few days of trading, before essentially exploding to a market cap of over $400 million in just two days, as investors from outside the typical cryptosphere likely discovered the recognizable figure of the token.
  • As CHILLGUY was a Solana/SPL token, and with Phantom being the most popular, de-facto wallet for the Solana blockchain that also has a mobile app, and Moonshot also listing CHILLGUY on their platform, this prompted a mass influx of downloads for both these apps, prompting their rapid climb up the app store rankings.
• On the other hand, Coinbase has also reflipped Cashapp this past week on the US app store rankings, placing itself as number 30.
  • Although Coinbase’s recent rise was likely a result of Bitcoin’s monstrous run to continuous new all-time highs and the attention it brings, and less likely caused by any particular memecoin.