The development team behind Pump.fun, a Solana-based memecoin launchpad, has announced plans to release their native token and a new trading terminal called Pump Advanced during an X Space session on October 19, 2024.
Pump Advanced is described as a more advanced version of competitor trading bots. According to the developers, this trading terminal will feature innovative tools like mini-charts, top holder statistics, and social activity data, all designed to help traders sift through the millions of memecoins available on Pump.fun.
For the first month, Pump Advanced will be available free of charge, and the platform emphasizes security by incorporating Privy technology to create a non-custodial wallet system.
Pump.fun Token Details Remain Under Wraps
While the developers confirmed the launch of their own token, specific details regarding its release date or other information are still unknown. However, given that Pump.fun is based on the Solana network, it is likely that the token will utilize the same infrastructure.
In addition, the Pump.fun team hinted at an upcoming token airdrop, which they claim “will be far more rewarding than other airdrops in the memecoin space.”
Pump.fun has quickly become a popular launchpad, allowing anyone to create and launch their own token through a simple, quick process by filling out a short form. Since its launch in January 2024, Pump.fun has facilitated the creation of over 2.5 million tokens, generating a total of $147 million in revenue, according to Dune Analytics.
Despite these impressive numbers, data from Newton Einstein shows that about 99.99% of the coins launched on Pump.fun fail to achieve significant market value. The launchpad’s mechanism involves listing meme coin projects on the decentralized exchange (DEX) Raydium after they reach a market capitalization of $69,000.
However, data shows that less than 0.002%, or only 41 out of 1.7 million projects launched on Pump.fun, managed to sustain a market cap of $1 million. Even fewer, about 0.001%, or 15 projects, succeeded in achieving a market cap exceeding $10 million.
To encourage successful token launches, the Pump.fun team announced in August that they would offer incentives of up to $80 to token creators who complete the bonding curve and successfully launch their tokens on Raydium.
Despite the high failure rate for token launches, Pump.fun continues to attract users and record significant transaction volumes. On August 13, the platform generated more than $5.3 million in revenue in a single day, surpassing the combined revenue of the 24 largest protocols during the same period.
On October 14, Pump.fun’s trading volume reached an all-time high, exceeding $1.1 billion. Among the many tokens launched through Pump.fun, some recently viral memecoins include Moo Deng (MOODENG) and Goatseus Maximus (GOAT).
Follow our Twitter : https://x.com/safubit
