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    Pump.fun Sees Over $1B in Trading Volume as Memecoins Surge This September

    Ethan CarterBy No Comments2 Mins Read
    1758019887

    The Solana-based memecoin launchpad Pumpfun achieved over $1 billion in daily trading volume on Monday, continuing the sector’s September rally.

    Data from the decentralized exchange (DEX) Jupiter indicated that Pump.fun recorded $942 million in transaction volume on Sunday before surpassing $1.02 billion on Monday.

    This increase coincided with a rise in the overall memecoin market cap, which hit $83 billion on Sunday and remained above $80 billion on Monday, according to CoinMarketCap. As of now, the memecoin sector’s total market cap is $76 billion.

    The $83 billion figure marked a 30-day peak for the sector, nearly matching the $85 billion market cap recorded on July 23.

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    Pump.fun volume data. Source: Jupiter

    Pump.fun’s DeFi metrics show a positive trajectory

    According to data from the decentralized finance (DeFi) aggregator DefiLlama, Pump.fun’s total value locked (TVL), which measures the value of assets held in the protocol’s smart contracts, continued to increase. On Sunday, Pump.fun’s TVL hit a new high of $334 million for the first time.

    019951a9 1d4c 7827 a813 6ffc01f5b494
    Total value locked of the Pump.fun protocol. Source: DefiLlama

    DefiLlama also highlighted that Pump.fun outperformed the perpetuals exchange Hyperliquid in revenue for two consecutive days, ranking third in 24-hour revenue among DeFi protocols, behind stablecoin projects Circle and Tether.

    The platform’s expansion comes as it actively promotes its livestreaming product. On Monday, the protocol announced it distributed $4 million in creator rewards, most of which went to first-time creators.

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    Source: Pump.fun 

    Pump.fun creator Alon recently claimed that the platform’s livestreaming feature has “flipped” Rumble in the average number of concurrent livestreams.

    The Pump.fun co-founder stated they are capturing around 1% of Twitch’s market share and 10% of Kick’s market share. “We’re nibbling on their lunch,” Alon commented.

    Although the Pump.fun co-founder made significant assertions, the data could not be validated through third-party platforms.

    Related: K9 Finance offers $23K bounty after $2.4M Shibarium exploit

    Broader memecoin momentum

    The rise of Pump.fun aligns with increased excitement in the memecoin sector. Dogecoin’s (DOGE) price increased on Friday, despite a delay in the launch of a US-based exchange-traded fund (ETF) related to the memecoin.

    Data from CoinMarketCap reveals that the memecoin has seen a modest gain of 11% in the past week.

    Besides Dogecoin, other memecoin tokens such as Memecore (M), Moo Deng (MOODENG), and DORA (DORA) experienced double-digit percentage increases over the last week.