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    Pump.fun Sees Trading Volume Exceed $1 Billion Amid Memecoin Surge in September

    Ethan CarterBy No Comments2 Mins Read
    Pump.fun Sees Trading Volume Exceed $1 Billion Amid Memecoin Surge in September

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

    Data from decentralized exchange (DEX) Jupiter revealed that Pump.fun processed $942 million in transaction volume on Sunday, and soared past $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. At the time of writing, the memecoin sector’s total market cap was $76 billion.

    The $83 billion figure represented a 30-day peak for the sector, approaching the $85 billion market cap it reached on July 23.

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    Data on Pump.fun volume. Source: Jupiter

    Positive Growth in Pump.fun’s DeFi Metrics

    According to decentralized finance (DeFi) aggregator DefiLlama, Pump.fun’s total value locked (TVL), a crucial measure of the value of assets held in the protocol’s smart contracts, continued to rise. On Sunday, Pump.fun’s TVL hit a record $334 million for the first time.

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    Total value locked in the Pump.fun protocol. Source: DefiLlama

    DefiLlama data also indicated that Pump.fun outperformed the perpetuals exchange Hyperliquid in revenue for two straight days, placing third in 24-hour revenue among DeFi protocols, following stablecoin projects Circle and Tether.

    Pump.fun’s expansion aligns with the platform’s efforts to promote its livestreaming product. On Monday, the protocol announced it had distributed $4 million in creator rewards, mainly to first-time creators.

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    Source: Pump.fun 

    Pump.fun creator Alon also recently asserted that the platform’s livestreaming feature has surpassed Rumble in average concurrent livestreams.

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

    While these claims from the Pump.fun co-founder are bold, the data remains unverified by third-party platforms.

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

    Wider Memecoin Enthusiasm

    The rise of Pump.fun coincides with renewed interest across the memecoin landscape. Dogecoin’s (DOGE) price increased on Friday, despite a delay in launching a US-based exchange-traded fund (ETF) linked to the memecoin.

    CoinMarketCap data indicates that the memecoin has recorded a modest 11% increase over the past week.

    In addition to Dogecoin, other memecoin tokens such as Memecore (M), Moo Deng (MOODENG), and DORA (DORA) experienced double-digit percentage increases in the week.