Pump.fun-Launched Memecoins Hit $3 Billion Market Cap

Memecoins launched on Solana launchpad Pump.fun has witnessed a significant price surge as the broader market reacts to the US election outcomes.

According to CoinGecko, memecoins created on Pump.fun collectively hit a market cap above $3 billion early Thursday. The market cap represents a 25% surge over the past 24 hours and was accompanied by a substantial 24-hour trading volume of approximately $829 million.

Memecoin GOAT led the charge, seeing a 10.3% surge to hit a market cap to $778 million. Trailing GOAT is FWOG, with a market cap of $469 million, followed by $MICHI, with a market value of $233 million. Other memecoins on the top list include MOODENG with a market cap of $218 million, SIGMA with $127 million, and DADDY with $70 million.

Strong Investor Interest

The surge in market cap and volume demonstrates strong investor interest in Pump.fun ecosystem tokens and a potent mix of community engagement and speculative trading that often drives the memecoin market.

Launched by a pseudonymous figure in January, Pump.fun quickly became a hotbed for memecoins, as it offers investors an easy way to launch tokens in minutes without any technical expertise.

Memecoin Market Soars 

Meanwhile, the broader memecoin market is also witnessing a significant upswing. Data from CoinGecko shows that the overall memecoin market cap experienced a 12% surge in the past 24 hours to reach $72.5 billion. Moreover, their 24-hour trading volume surged past $17.7 billion, signaling a growing investors’ interest in the market.

DOGE remains the largest memecoin with a market cap of $28 billion. Behind the original memecoin is SHIB with $11 billion, PEPE with $4 billion, and WIF with $2 billion.

In a recent statement, Ryan Rasmussen, head of research at Bitwise Asset Management, said the increased market activities around memecoins signals increased investors’ appetite to speculate on meme tokens.

Given that memecoins have low market caps and liquidity, I’m not surprised to see them skyrocketing alongside the broader crypto rally. If crypto sells off, I’d expect the same outsized move in memecoins to the downside,” he added.