Pump.fun, the Solana-based platform that lets anyone create and trade a memecoin in minutes, is attracting significant attention in the cryptocurrency industry.
Onchain data shows a constant stream of new memecoins launching on the platform, backed by significant trading volume that suggests it may be the engine for the next memecoin explosion.
What Do the Numbers Show?
In the past 24 hours, Pump.fun has attracted approximately $19 million in transaction volume and a $6.5 million trading volume.
That reflects the Solana-based memecoin trading platform’s adoption level and highlights its growing user preference compared to other memecoin ecosystems. Crypto analysts think Pump.fun may be fueling the upcoming memecoin explosion.
Related: Pump.fun Plans to Raise $1 Billion Via Token Sale Postponed Again, Now Set for Mid-July
What’s Next for the Platform?
The next few weeks could be an interesting period for Pump.fun, considering its planned $4 billion token sale now scheduled for mid-July. The memecoin platform had planned to carry out the token sale on June 25 before postponing it following community complications.
It is worth noting that X (formerly Twitter) suspended Pump.fun’s account a few days before the initial schedule, adding more uncertainty to the proposed event.
Is This Activity Boosting Solana?
However, recent developments suggest the project is on course to achieve its plans, with the Solana community not relenting from engaging on the memecoin trading platform.
Besides the planned token launch, rumors about an upcoming airdrop have increased the traction on Pump.fun. According to reports, speculation over the potential airdrop is heating up in online prediction markets. Polymarket traders have assigned a 30% chance of a Pump.fun airdrop by the end of July.
Related: Pump.fun Airdrop? Don’t Count on June—July Looks More Likely: Here’s Why
Meanwhile, crypto analysts believe the increasing adoption of Pump.fun and the growing activities around the memecoin platform contribute to Solana’s recently discovered bullish momentum.
TradingView’s data shows that SOL surged 17.78% this week, bouncing off support at $126.03 before meeting resistance at $148.06 on Thursday morning. Breaking above the resistance could open the way for higher price levels for SOL and Pump.fun’s increasing adoption could be significant to that achievement.
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