Decentralized memecoin platform Pump.Fun has made $863,525 in revenue over the last 24 hours, significantly exceeding the $552,355 earned by Ethereum. Such a significant difference in income may indicate possible changes in the crypto ecosystem.
Pump.Fun Overtakes Ethereum in Revenue
Ethereum, the largest blockchain platform for smart contracts and the second-largest crypto asset by market capitalization, is losing its former appeal: both network activity and ETH price dynamics in this cycle leave much to be desired.
Since the beginning of the year, the price of Ethereum has risen by 43%, while the native token of Solana, which Pump.Fun runs on, has soared by 90%.
The significant income gap raises questions about ETH current market position, with some community members suggesting that the blockchain’s popularity is waning and fearing that it could eventually become a “ghost network.”
Ethereum’s high fees are pushing users to alternative blockchains, and some believe the rise of second-layer protocols could fragment revenues and transaction volumes. “Solana has the same 24 hour trading volume on decentralized exchanges as Ethereum and all L2s combined.
Anyone who says you need to consider L2s should be confused,” Gumshoe commented .Meanwhile, Solana and Pumps growth is fueled by their focus on memecoins. The surge in interest in memecoins, fueled by celebrities and social media, has made Pump.Fun a hub for the crypto community. Celebrities like Andrew Tate and Caitlyn Jenner have chosen Pump.Fun to launch their tokens.
In addition, in the run-up to the US presidential election, Pump.Fun has become the leading platform for creating politically oriented memecoins. The number of contracts deployed on the platform has already exceeded 1.526 million.
A suspected hacker was arrested in May
UK police have arrested Jarrett Dunn, known online as @STACCoverflow, on suspicion of hacking the Solana memecoin creation protocol Pump.fun. However, the pump.fun protocol, which was hacked on May 16, was used by Dunn on multiple occasions. He has been vocal in his criticism of the company on social media since the attack.
A private intelligence company hired by a third party tracked Dunn’s movements through his social media posts and other open-source data. The timing of his last tweet coincided with the time of his arrest. After several hours of searching London’s Covent Garden, authorities located Dunn at the Middle Eight Hotel and arrested him. Dunn’s arrest has sparked a furious reaction in the crypto community. The suspect confirmed on his @JarrettDunn account that he spent the night in custody.
