ChainCatcher reported that according to data collated by Subin Alon, a data analyst at crypto venture capital firm Hashed, more than 1 million Meme coin projects have been created on Pump.fun, a crypto project based on Solana and Blast blockchains, 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 website was inspired by the minimalist style of 4chan, as Pump.fun's initial target audience was 4chan forum users.

This year, Pump.fun has also attracted attention from celebrities including rapper Iggy Azalea, who launched a token called MOTHER on Pump.fun. Alon said Pump.fun has also been influenced by SocialFi platforms such as Friend.tech, which are seen as competitors in the cryptocurrency space to products from X and other social media giants.