The post Pump.fun Responsible for 70% of Token Launches on Solana Network appeared on BitcoinEthereumNews.com.

Token launchpad Pump.fun has been responsible for approximately 70% of all transactions on the Solana network over the past two days. Its Saturday dominance is the highest since the platform disabled its controversial streaming feature in November. Over the past week, Solana (SOL) has climbed 12%. The upward trajectory has, in part, been motivated by its meme coin trenches. Pump.fun is the go-to spot for most meme coin creating, buying, and selling with over 5.5 million tokens being created on the platform in its year lifetime. On Saturday, Pump.fun accounted for 71.1% of all tokens created on the Solana network and 69.5% on Sunday, according to Dune data. A major reason for the protocol’s dominance over other methods is because it lowered the barrier for entry, simply allowing users to create a token in minutes even if they lack technical or financial abilities. That said, other projects have tried to replicate its success. For example, Moonshot, which was created by popular crypto site DEX Screener, launched in June. But it failed to make a major impact. Moonshot only launched more than 1,000 tokens per day twice in December, by comparison Pump.fun launched over 45,000 in the past 24 hours alone. With this, Pump.fun has accounted for 56.2% of all transactions on Solana decentralized exchanges so far this month—despite only 1.21% of its created tokens hitting the threshold that gets them listed on decentralized exchanges. But this dominance isn’t anything new for Pump.fun. The platform first recorded over 70% dominance of SPL tokens launching on Solana, according to Dune data, back in November when the Pump.fun’s livestreaming feature boomed. During the livestream meta, degens opened their cameras to perform wild stunts like shooting a gun out of their window, beheading a chicken, or faking their own suicide for money. While this…

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Filed under: News - @ January 7, 2025 4:22 pm