Pump.fun Trading Volume Hits $1B As Memecoins Rally In September
Solana-based memecoin startup Pump Sector extended its September rally, registering more than $1 billion in daily trading volume on Monday.
Data from decentralized exchange (DEX) Jupiter showed that Pump.fun had a trading volume of $942 million on Sunday, before gaining $1.02 billion on Monday.
It comes as the broader memecoin market capitalization rises, climbing to $83 billion on Sunday and above $80 billion on Monday, according to CoinMarketCap. As of this writing, the total market cap of the memecoin sector was $76 billion.
The $83 billion figure was a 30-day high for the sector, close to a market cap of $85 billion reached on July 23.
Pump.fun's DeFi metrics show a positive trend
Data from decentralized finance (DeFi) aggregator Defillama shows that Pump.fun's total value locked (TVL), a key metric that measures the value of assets held in protocol smart contracts, continues to grow. On Sunday, Pamp.fun's TVL rose to $334 million for the first time.
According to data from Defilama, Pump.fun has ranked third among DeFi protocols in terms of 24-hour revenue for two consecutive days, behind stablecoin projects Circle and Tether.
Pamp.fun's growth comes as the platform continues to push its live streaming product. On Monday, the protocol said it paid out $4 million in creator rewards. Most of the funds of the protocol went to the first time creators.
Pamp.fun creator Alon also said that the platform's live streaming feature has “overturned” Rumble on average with similar live streams.
The co-founder of Pump.fun said they are inching towards Twitch's market share of 1% and Kick's market share of 10%. Alon wrote: “We are eating their lunch.
Despite Pamp.fun's co-founder making bold claims, the data could not be verified by third-party data platforms.
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Wide memecoin speed
The Pump.fun leak coincided with renewed enthusiasm in the memecoin sector. Dogecoin (DOGE) prices rallied on Friday despite a delay in the launch of a US-based exchange-traded fund (ETF) linked to memecoin.
According to CoinMarketCap data, memecoin has seen a modest 11% gain over the past seven days.
In addition to Dogecoin, other memecoin tokens such as Memecore (M), Moo Deng (MOODENG) and DORA (DORA) saw double-digit percentage gains last week.
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