Trendy new apps don’t tend to last long in crypto — except, apparently, for pump.fun.
Memecoins, which had a relatively low profile in September, have risen to prominence again over the past few days. The Solana launchpad seems to be the leader.
Dune’s dashboard shows that the app has had 12 consecutive days with at least $900,000. The last time it pulled that off was *checks notes* never. The recent Memecoin rally was fueled by MOODENG, an ephemeral pump.fun toy based on the viral video of a baby Hippo in a Thailand zoo.
Kaito AI uses AI for online sentiment analysis. They reported Monday that memecoin’s mindshare has reached a new high.
A majority of the 10 largest memecoins are down on the week, according to CoinGecko, while pump.fun had its most consistent week and a half of revenue yet — indicating that traders are passing up the likes of dogecoin and pepe in favor of pump.fun’s cute animal pictures du jour.
Crypto’s digital hype machine already exists. Murad Mahmudov went viral with a podcast that explained why memecoins are the next big thing. “Outperform Everything” In 2025. Su Zhu, the famous co-founder and former CEO of Three Arrows Capital’s collapsed cryptocurrency hedge fund, has commented on this. “[i]nstitutional allocation to memecoins is likely to be the story of q4 2024.” Vitalik Buterin of Ethereum, the co-founder and CEO of MOODENG said he had sold all his MOODENG shares to donate proceeds for anti-airborne illness technology.
And — stop me if you’ve heard this before — a rapper who’s a few years past her last top hit released a pump.fun memecoin.
Everyone was not as upbeat.
“If you are finally joining the influencers that missed out and are just now joining memes in Q4, congrats, you are exit liquidity for everyone who was early,” Written based16z is a popular poster in the crypto world.
Anyone who has been watching crypto over the last six months will know that it’s like a Pump.fun Groundhog Day. The meme market pumps, similar players play similar roles in the online drama, and some industry watchers — myself being one of them — fall into believing that the pump.fun top is finally in.
It has taken enough time for the crypto market to become more aware. Bet against pump.fun which, 10 months after its launch, has already generated $120 million.
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