Part of Solana's $SOL success is due to the viral popularity of Pump.fun, a Solana-based memecoin creation platform. It minted over 2.5 million SOL tokens between January and October 2024. As of November 14, the mintage was 3.26 million memecoins. According to Dune, Pump.fun's daily profit has skyrocketed to around $2.8 million at the time of writing.

"Your utility projects are underperforming memecoins. Ethereum is underperforming Solana. Bitcoin is outperforming the entire market. Be realistic and you will win this cycle. Trade trends and narratives," one crypto influencer commented on X.$PNUT $PEPE