Pump.fun Tops Solana Revenue; $PUMP Jumps on New Fee Model
Pump.fun, a leading memecoin launchpad on Solana, has overtaken Hyperliquid in 24-hour revenue, becoming the top revenue-generating app after stablecoin issuers Tether and Circle. The $PUMP token has surged above its ICO price to $0.0043 (+11%), driven by Pump.fun’s record 48,081 new token launches on September 3 and its 100% buyback program. This memecoin launchpad’s new creator fee model charges buy orders in SOL and sell orders in each token, then swaps base tokens into SOL, generating continuous sell pressure. Traders face higher transaction costs, decreased liquidity, and shorter token lifespans, as fees drain pools post-hype. Only tokens with deep liquidity can sustain volume, while competitors may undercut fees. Pump.fun’s tactics spotlight the intensifying launchpad wars, where pump-and-dump cycles fund “creators” (devs or scammers) at traders’ expense. For healthier markets, platforms should adopt dynamic volatility-based fees and reward sustainable projects. Crypto traders must weigh short-term alpha opportunities against heightened risk in this evolving launchpad landscape.
Bearish
The introduction of elevated creator fees on Pump.fun—where buy fees in SOL and sell fees in base tokens are auto-swapped—injects continuous sell pressure and drains liquidity post-launch. This structural change worsens pump-and-dump cycles, shortens token lifespans, and raises transaction costs, deterring capital from new launches. Historically, token launch platforms that impose high fees tend to erode trader confidence and reduce overall market activity, as seen in early DEX fee hikes. While $PUMP has rallied, the broader memecoin ecosystem faces heightened volatility and vulnerability to rapid dumps. In the short term, speculators may chase quick gains, but sustained inflows are unlikely. Long term, persistent sell pressure and reduced liquidity can undermine market stability and discourage participation, making the outlook bearish for the average trader and the memecoin launchpad sector.