YEREVAN (CoinChapter.com) — November 2024 marked a record-breaking month for Solana’s memecoin ecosystem, with Pump.fun generating $93 million in monthly revenue. This represents a 207% increase from October’s $30.5 million, according to data from DefiLlama. Pump.fun, a Solana-based memecoin generation and trading platform, was the primary driver of this revenue surge, achieving its highest-ever monthly revenue.
Pump.fun’s $93 Million Revenue Milestone
Pump.fun played a crucial role in Solana’s November performance. The platform recorded $93 million in November revenue, contributing to a cumulative total of $240 million since its inception. This rebound followed a two-month revenue decline in August and September, where earnings dropped by an average of 29% per month.
Over 4.2 million memecoins have been launched through Pump.fun, with a combined market capitalization of $6.63 billion. Despite a slight 2.9% dip in token value within 24 hours, Pump.fun continues to show strong overall performance. The platform also introduced a new feature, “Pump Advanced,” offering tools like live-updating threads and advanced filters for experienced users.
Strong Memecoin Performances Drive Revenue
Memecoins like Peanut the Squirrel (PNUT) and Moondeng significantly boosted Pump.fun’s success. PNUT experienced a 900% growth last month, while Moondeng rose by 285%. Leading gains was “Act I: The AI Prophecy,” which recorded a 2,473% increase in value over 30 days, according to CoinGecko.
These results demonstrate the high trading activity and growing interest in Pump.fun-launched memecoins. Such trends have solidified Pump.fun’s standing as a key platform in Solana’s memecoin ecosystem.
Broader Ecosystem Growth
Solana’s overall ecosystem thrived in November, with the SOL token reaching $264.63, its highest value to date. Decentralized exchange (DEX) volumes surpassed $100 billion, more than doubling Ethereum’s $61.61 billion.
Beyond trading, Solana projects like Jito generated $185 million in revenue through maximal extracted value (MEV). Meanwhile, Phantom, Solana’s wallet, topped Apple’s “free utility apps” category, reflecting growing adoption. Robinhood also reinstated SOL trading on its platform, adding to the ecosystem’s momentum.
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