Meme Coin Platform Pump Earns Over $5 Million Since March Launch

According to PANews, the Meme coin creation platform, Pump, has earned over $5 million since its launch in March, making it one of the highest-earning applications in a relatively short period. The platform, which has been riding the wave of the ongoing Meme coin craze on Solana, reportedly made $300,000 on Solana in just the past 24 hours. Based on current usage and growth trends, its annual revenue is projected to be around $66 million, according to data from DefiLlama. Pump allows anyone to issue tokens with a capital of $2, after which they can choose the quantity, theme, and Meme image of the tokens. When the market value of any token reaches $69,000, a portion of the liquidity is deposited into the Solana-based exchange Raydium and destroyed. Last week, the platform expanded its support for the Blast and Base networks. The appeal for traders lies in its built-in security mechanism: it is impossible for a 'Rug Pull' to occur with tokens issued by Pump. The Pump website states that it prevents 'Rug Pull' by ensuring that all created tokens are safe. Every token on Pump is fairly issued, with no pre-sales or team allocations. Since Pump's launch in March, tens of thousands of tokens may have been issued on its platform, but only a few tokens have a market value of over $10 million. The token with the highest market value at present is Shark Cat (SC), a cat wearing a shark hat, and Hobbes, named after a well-known Solana trader Ansem, with market values of $100 million and $35 million respectively.