Pump.Fun, a token launchpad native to the Solana blockchain network, continues to support gas the frenzy spherical cryptocurrencies inspired by web memes and jokes.

The platform identified for serving to customers make memecoins generated a chronicle high of roughly $25.6 million in earnings for July, a roughly 16% enhance from final month’s $22.0 million, data from DefiLlama shows.

Tokens created by process of Pump.Fun are supposed to be what is named “perfect-searching-launched,” that technique with out a presale or group allocation. When a memecoin is created on Pump.Fun, the protocol takes a 1% rate from all transactions until the token reaches a market cap of $69,000, after which the token will get listed on decentralized change Raydium and a fragment of the token’s liquidity will get burned.

Learn More: Memecoin Deployer Pump.Fun’s Day after day Income Surpasses Ethereum

Pump.Fun’s chronicle earnings for July came after the proprietor of Kabosu, a Shiba Inu pet dog whose photo inspired customary memecoin DOGE, shared photos on X of a brand unusual Shiba Inu dog they had been adopting named Neiro (Kabosu handed away in Might per chance per chance well just).

The identical day that Kabosu’s proprietor presented Neiro’s adoption, a token with the ticker NEIRO launched on Pump.Fun. Since then, NEIRO has garnered a market cap of $33.5 million. As smartly as, the SOL-NEIRO liquidity pool on Raydium has had the 2d-most costs among all pools within the previous 24 hours, with over $108,000 accumulated at the time of writing.

Following its mainnet rollout in February 2024, Pump.Fun’s month-to-month earnings figure has risen every successive month. Cumulative earnings for the Solana-primarily primarily based mostly memecoin launchpad now stands at $77.8 million and is on jog to hit $336 million for the year, highlighting the ask among crypto customers for products and services that relief them make memecoins.

Learn More: 10 Crypto Tasks That Might per chance per chance well per chance Force the 2024 Bull Market

“Pump(dot)Fun, as an very finest launch platform that burns liquidity as soon as the market cap is reached, is an spell binding counter to this arena[ofspuriousvolumethatsystemsofusinto[offakevolumethattrickspeopleinto purchasing for pump and dump scams]— since by definition to launch the coin at the $69K market cap minimal requires a couple of [thousand dollars] lost by the issuer to [increase its market cap] and receive listed on Raydium,” wrote Flipside Crypto’s data scientist Carlos Mercado in a Telegram message to Unchained.

“Then one more time, as customers hear about celeb coins and adorable pet tokens…they (1) generate costs for the blockchain [and] (2) onboard customers who, with just a microscopic luck after now no longer losing too worthy, stick spherical for the more viable opportunities,” Mercado added.