The meme coin launch platform Pump.fun has declared a new update that allows users to launch their meme coins for free. This change aims to democratize access to crypto creation and incentivize developers with a new reward system.
While this development sounds lucrative for meme coin creators, it has also faced criticism from the crypto community.
Pump.Fun Earned Over $85 Million in Revenue
Previously, creators had to shoulder a nominal fee of approximately $2 for each launched coin. Under the new policy, this cost is transferred to the first buyer, removing financial barriers for creators. Additionally, once their coin completes its bonding curve, developers now stand to gain a reward of 0.5 Solana (SOL), roughly valued at $80.
Pump.fun explained that these changes are part of a beta test of the “pump fun mechanism,” including a reduced migration fee of 1.5 SOL. The reward is paid out irrespective of the creator’s ongoing investment in the coin. Consequently, this strongly incentivizes developers to drive their coins to full market integration.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
However, this update has faced criticism. Skeptics argue that removing the creation fee could result in an overflow of meme coins, potentially diluting the market.
“Nice. So now, the hyperinflation of coins will continue as devs do anything in their power to launch hundreds of coins a day in hopes of $80. Interesting update,” an X user Yogurt commented.
Similarly, DeFi analyst KashKysh predicted a significant increase in the number of daily coin launches.
“So now instead of having 10,000 coins a day, we’ll have 50,000,” KashKysh said sarcastically.
Despite the community concerns, Pump.fun’s approach has seen considerable success. According to data from Dune, the platform has facilitated the deployment of over 1.6 million meme coins since its inception in early 2024. Moreover, it has generated more than $85 million in cumulative revenue.
On July 29, Pump.fun’s daily revenue surpassed that of Ethereum, marking a significant milestone with $863,525 in earnings compared to Ethereum’s $552,355. The platform’s allure has also caught the attention of celebrities such as Andrew Tate and Iggy Azalea, who have launched their meme coins via Pump.fun.
Read more: 11 Top Solana Meme Coins to Watch in August 2024
Consequently, new platforms continue to emerge amid the rising popularity of meme coins. Makenow.meme, for instance, allows users to create meme coins directly through X posts. This platform has already seen nearly 5,000 meme coins minted within just two weeks of its operation.
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