Solana-based memecoin launchpad Pumpfun recorded more than $1 billion in daily trading volume Monday as the sector extended its September rally.
Data from decentralized exchange (DEX) Jupiter showed Pump.fun processed $942 million in transaction volume on Sunday before topping $1.02 billion on Monday.
The surge came as the broader memecoin market cap spiked, climbing to $83 billion on Sunday and holding above $80 billion on Monday, according to CoinMarketCap. At the time of writing, the memecoin sector’s overall market cap was $76 billion.
The $83 billion figure marked a 30-day high for the sector and neared the $85 billion market cap it reached on July 23.
Pump.fun’s DeFi metrics show a positive trajectory
Data from the decentralized finance (DeFi) aggregator DefiLlama showed that Pump.fun’s total value locked (TVL), a key metric that measures the value of assets deposited in a protocol’s smart contracts, continued to rise. On Sunday, Pump.fun’s TVL reached a high of $334 million for the first time.
Total value locked of the Pump.fun protocol. Source: DefiLlamaDefiLlama data also showed that Pump.fun surpassed the perpetuals exchange Hyperliquid in revenue for two consecutive days, ranking third in 24-hour revenue among DeFi protocols, behind stablecoin projects Circle and Tether.
Pump.fun’s growth comes as the platform continues to push its livestreaming product. On Monday, the protocol said it paid out $4 million in creator rewards. The protocol said most of the funds went to first-time creators.
Source: Pump.funPump.fun creator Alon also recently claimed that the platform’s livestreaming feature “flipped” Rumble in the average number of concurrent livestreams.
The Pump.fun co-founder said they were inching at 1% of Twitch’s market share and 10% of Kick’s market share. “We’re nibbling on their lunch,” Alon wrote.
While the Pump.fun co-founder made bold claims, the data could not be verified through third-party data platforms.
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Broader memecoin momentum
The Pump.fun breakout coincided with renewed enthusiasm across the memecoin sector. Dogecoin’s (DOGE) price rose on Friday even though the launch of a US-based exchange-traded fund (ETF) tied to the memecoin was delayed.
CoinMarketCap data shows that the memecoin has seen a modest 11% gain in the last seven days.
Apart from Dogecoin, other memecoin tokens like Memecore (M), Moo Deng (MOODENG), and DORA (DORA) saw double-digit percentage gains in the last week.
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Source: https://cointelegraph.com/news/pumpfun-trading-volume-1b-memecoin-rally-september?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
