PANews reported on July 12 that according to data collated by Subin An, a data analyst at crypto venture capital firm Hashed, more than 1 million Meme coins have been created on the Solana and Blast blockchain-based crypto project Pump.fun since its launch in January. As the preferred place for retail investors to create and trade Meme coins, Pump.fun is gaining popularity, bringing in an estimated revenue of more than $50 million in just six months.

According to Alon, the design of the site was inspired by the minimalist style of 4chan, as Pump.fun's initial target market is people who are already using 4chan. Recently, Pump.fun has also attracted the attention of celebrities including rapper Iggy Azalea, who launched a token called MOTHER on Pump.fun. Alon said that Pump.fun was also influenced by SocialFi platforms such as Friend.tech, which are seen as the cryptocurrency field's response to X and other social media giants.