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The year 2024 was dubbed as the Pre-Era of “Memecoin Supercycle,” with Solana emerging as the epicenter of this phenomenon, largely driven by what’s called “the Pump.fun effect.” The market capitalization of memecoins on Solana alone surged by ~ 509.70%, reaching a peak of ~ $137 Bn. The trading volume also saw a massive increase of ~ 7630%, hitting ~ $71.9 Bn. Throughout Q4’ 24, memecoins dominated the crypto scene, with tokens like $PNUT rocketing from obscurity to ~ $1 Bn market cap within a month.
For more such detailed insights, read our in-depth “Crypto Outlook 2025” report.
Solana’s Meme Empire: The Pump.fun Saga
The origin of Pump.fun was as wild as the tokens it has birthed. It all started with Bonk, which went bonkers with a 19,000% rally in Q4 ’23, igniting a frenzy that led to over 72K new tokens being minted on Solana using the SPL standard by Dec ’23. However, not all creators were equal; some lacked the necessary programming prowess.
Alon, an anonymous entrepreneur, launched Pump.fun in Jan ’24. Though initially the growth was modest with only 1,451 tokens minted by Feb ’24, but by Q2 and Q3 of 2024, numbers surged to 324K and 453K tokens respectively.
The token $MOODENG went viral in Sept ’24, reaching a ~ $184 Mn MCap. The real breakout came with $PNUT, which after the unfortunate euthanization of the real-life P’Nut by NY authorities, saw its market cap explode to ~ $130 Mn in three days (now ~ $1.2 Bn). $GOAT, shilled by the AI bot Truth Terminal, also saw its market cap skyrocket to ~ $800 Mn.
Pump.fun – Key Statistics
Pump.fun witnessed parabolic growth in 2024 driven by the hype around the memecoin sector. The tokens deployed on Pump.fun skyrocketed from 172 in Jan’ 24 to over ~ 5 Mn by Dec’ 24, while the cumulative revenue surged from $1.40K in Jan’ 24 to over $340 Mn by Dec’ 24. The transactions surged from 17 in Feb’ 24 to a peak of 417.29 Mn in Nov’ 24, ending the year with ~ 303.19 Mn transactions.
The Dark Side: Rug Pulls and Scams
However, this mania had its shadows. Rug pulls and scams were rampant. Tokens like $MAYA, $DNUT, $BARK, and $BARSIK, associated with dubious groups like the “Solana Syndicate”, saw significant pumps in Nov ’24 before devastating crashes.
Even celebrity-backed tokens like $TATE, $RNT, $Daddy, and $G saw insane drops of ~ 97% after pump-and-dump schemes blew up.
The misuse of Pump.fun’s livestream feature led to a tarnished reputation, resulting in operational bans in the UK.
Hailey Welch, aka the “Hawk Tuah Girl,” launched the $HAWK, which soared to a $500 Mn MCap and then got dumped by over ~ 90% within hours amidst allegations of insider trading and market manipulation.
Outlook for 2025 – The Memecoin Supercycle
The memecoin market looks set to experience a supercycle in 2025, eclipsing the growth seen in early 2024. Experts like Murad Mahmudov predict memecoins could reach valuations between $50 to $100 Bn, with the total market potentially surpassing a trillion dollars as institutional investors join the retail enthusiasm. This surge will be fueled by “cult” memecoins that boast strong community engagement and viral appeal, particularly on platforms like Solana (SOL), which currently leads the market.
The integration of AI in creating and managing memecoins, along with the increasing circulation of digital assets, may position memecoins to rival traditional fiat currencies within the next decade. However, despite the promising outlook, the high volatility and speculative nature of memecoins warrant caution.
Why Check Out Our Full Report?
Our comprehensive report, “Crypto Outlook 2025”, provides an in-depth analysis of the evolving crypto landscape. It features deep insights into key verticals, & emerging narratives, along with expert opinion on different sectors.
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