Pump has generated significant revenue in a short period of time, becoming one of Solana's most profitable applications and demonstrating the profitability of offering token creation services in the cryptocurrency sector.
The platform allows users to create tokens for $2 each and has built-in fraud protection mechanisms such as Rag Pull, making it an attractive option for traders interested in #meme coins.
Selling rags during the gold rush was one of the most reliable ways to make a profit, but that's not the case today in the world of digital assets.
Meme generation platform Pump has become one of the largest revenue-generating apps in a relatively short period of time, earning more than $5 million since launching in March amid the ongoing hype surrounding #Solana .
According to DefiLlama, the platform generated $300,000 in the last 24 hours of Solana alone, contributing significantly to the total $2.5 million in commissions.
Pump allows anyone to issue tokens with a $2 capitalization, after which they choose the number of tokens, the theme and the meme image that accompanies it. Once a token's market capitalization reaches $69,000, some of the liquidity is sent to the Raydium exchange created by Solana to be burned. Last week, the platform also expanded support for the Blast and Base networks.
With tokens issued by the Pump platform, it's impossible to "ragtag" - a common #cryptocurrency fraud where #token issuers drain liquidity.
Pump prevents fraud by guaranteeing the security of all tokens created; all Pump coins are launched honestly, with no pre-sale or team distribution," the company's website states.
The ease of use means that new tokens are created almost every second - CoinDesk estimates that a total of 35 tokens were issued in one minute during the morning hours in Asia on Tuesday, but that figure can vary widely depending on the time of day and interest in new types of memes. That figure can vary widely depending on the time of day and interest in new types of memes.
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