Imagine that in just a few months, a new platform created for the release of comic cryptocurrencies was able to bypass Ethereum, one of the largest players in the market. It sounds like a joke, but it's real: Pump.Fun, powered by the Solana blockchain, has already generated $294 million in commission income, while Ethereum has raised $249 million over the same period.
Pump.Fun appeared in January 2024 and immediately attracted a lot of attention. The bottom line is simple: users launch their meme tokens, cryptomonets, which are often created for the sake of a fan or hype. Due to the low fees and high speed of Solana, the process has become affordable and widespread. As a result, activity on the platform has skyrocketed, and transaction revenue has surpassed even Ethereum.
What's even cooler is nine consecutive weeks of Pump.Fun consistently earns more than Ethereum. This suggests that the platform has not just "fired", but is really setting a new rhythm in the crypto industry. According to its co-founder Alon Cohen, the Solana strategy is yielding "unprecedented results." And the truth is that the growth in the number of transactions, trading volumes and new projects proves this.
For example, the Peanut the Squirrel (PNUT) meme token is currently worth about $0.16, with a market capitalization of over $160 million. Although its trading volume has decreased by 27% over the past 24 hours, it still shows growth over the month. This reflects how fast and actively the meme token market is developing on Solana.
It is also interesting that the success of Pump.Fun affects not only the platform itself, but also the perception of Solana as a whole. Blockchain, which has long been in the shadow of Ethereum, is now seen as a real competitor with technical and financial advantages.
However, as is usually the case, rapid growth can attract the attention of regulators. After all, when comic tokens start to spin hundreds of millions of dollars, it's no longer just Internet fun.
So I have a question for you: can such a boom in meme coins really change the balance of power between Solana and Ethereum — or is it a temporary phenomenon that will soon blow away?