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Amidst declining revenues, Pump.fun establishes a liquidity division to support memecoins | CoinDesk JAPAN
Pump.fun stated that the Glass Full Foundation will "inject significant liquidity into the ecosystem tokens to support our most passionate cult." However, the source of funding and the criteria for selecting recipients were not disclosed. According to a post on X (formerly Twitter), the initial injection has already taken place and further injections are planned.
The top token in the Pump ecosystem is FART Coin, which has a market capitalization exceeding 1 billion dollars (approximately 145 billion yen, based on an exchange rate of 145 yen to 1 dollar) as of the 8th. The second largest token is Peanut the Squirrel, with a market capitalization exceeding 253 million dollars. It is worth noting that Peanut the Squirrel is named after a popular pet that was euthanized last year and faced significant backlash on social media.
The announcement from the Glass-Full Foundation came at a time when the daily revenue of Pump.fun had plummeted from over $7 million (about ¥1.015 billion) at the peak of the January memecoin boom to around $200,000 (about ¥29 million) this month. The figures are based on on-chain data.
The timing of this downturn coincides with the recent market share growth of LetsBonk.fun, a competing launchpad on the Solana blockchain associated with the Bonk community, which became the highest revenue and most active launchpad last month.
| Translation/Editing: Rina Hayashi | Image: Danny Nelson/CoinDesk |Original: Pump.fun Creates Liquidity Arm to Back memecoins Amid Revenue Slump