The post 62% of Solana’s DEX transactions belong to Pump.fun — What keeps it going? appeared on BitcoinEthereumNews.com.

What makes Pump.fun dominate Solana’s DEX market, even as scandals rock its ecosystem and raise questions about its sustainability? Pump.fun’s revenue takes a dip The crypto world is no stranger to wild trends, but every so often, something truly captivating comes along to reshape the narrative. Enter Pump.fun — a platform built on the Solana (SOL) blockchain that makes creating and trading meme coins as effortless as snapping your fingers.  In November alone, Pump.fun hit its stride, recording its highest-ever monthly revenue at a staggering $93.88 million. This marked a jaw-dropping leap from $30.5 million in October and $14.5 million in September, reflecting over 200% month-on-month growth from October and an incredible 548% surge compared to September. Pump.fun’s monthly revenue chart | Source: DeFi LIama Yet, as Pump.fun soared to financial heights, cracks in its ecosystem began to surface. By late November, revenues showed early signs of strain.  Weekly revenue, which had peaked at $33.83 million for the week ending Nov. 17, slid to $25.44 million by Nov. 27. Then came the crash: by the week ending Dec. 1, revenue had plummeted to just $6.05 million. Pump.fun’s weekly revenue | Source: DeFi LIama The decline wasn’t caused by typical market fluctuations but rather by a scandal that shook the platform to its core — a livestream feature introduced to boost user engagement. Reports quickly emerged of users exploiting the feature to broadcast disturbing and explicit content, including violence and horrifying material involving minors and animals.  The uproar forced Pump.fun to remove the livestream feature amid widespread condemnation from the crypto community. Surprisingly, the controversy hasn’t quelled enthusiasm for Pump.fun’s meme coin ecosystem. As of Dec. 3, the combined market cap of these coins has exceeded $6.5 billion — placing them ahead of more than 70% of the top 100 cryptocurrencies.…

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Filed under: News - @ December 4, 2024 9:21 pm