"Livestream sales"! The "knockoff coin launch platform" Pump.fun is trending again, with daily revenue surpassing that of the "crypto derivatives exchange" Hyperliquid.

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Driven by the memecoin boom in September, the Solana-based token issuance platform Pump.fun is rapidly rising, with its trading volume and revenue metrics both reaching new highs. By introducing new features such as live streaming, the platform is further consolidating its key position within this niche frenzy of the cryptocurrency market.

According to data from decentralized exchange Jupiter, Pump.fun’s daily trading volume surpassed $1 billion for the first time on Monday, reaching $1.02 billion, up from $942 million on Sunday. Meanwhile, according to DeFi data aggregator DefiLlama, the platform has surpassed the well-known derivatives exchange Hyperliquid on 24-hour revenue for two consecutive days.

This series of impressive data highlights the renewed fervor in the altcoin market. Currently, Pump.fun ranks third in daily revenue among all DeFi applications, behind only stablecoin giants Circle and Tether. According to CoinMarketCap data, the total market cap of the entire altcoin sector hit $83 billion last Sunday, setting a new 30-day high.

Pump.fun’s growth is not coincidental, as its aggressively promoted live streaming feature is considered a key driver. The platform announced on Monday that it has paid $4 million in rewards to content creators, with most going to first-time creators, indicating that its new “content + finance” traffic and capital attraction strategy is working.

What is Pump.fun: A Simple Factory for “Altcoins”

According to a previous article by Jiemian, Pump.fun is a website launched this January, with its core function allowing users to easily create memecoins. Users simply fill out a short form, enter the token name, ticker, description, and attach a photo, then click “Create Coin".

According to data tracking agency Dune Analytics, nearly 1.7 million new tokens entered circulation in the first half of this year, far exceeding the 264,000 from the same period in 2023. These tokens are usually based on internet memes or social events, with whimsical names, such as Bread themed on bread images, or Baby Trump based on ex-president Trump in a diaper.

This is considered the wildest and most scam-ridden corner of the crypto industry, now seeing a resurgence. For instance, Josh Bailey, a 26-year-old day trader from Texas, invested about $900 last month in a token called $BILLY on Pump.fun and sold it a few days later for a profit of over $100,000. However, despite such get-rich-quick stories, the field remains controversial due to its speculative and risky nature. In addition, little is known about Pump.fun’s operational details or its founders, who mostly operate under pseudonyms.

“Live Streaming” as the New Engine, Founder Boldly Challenges Giants

Pump.fun’s growth is closely tied to its product-level innovations, especially its increasingly robust live streaming feature. To attract attention, users engage in all kinds of humorous and absurd actions to gain the spotlight and drive up their token prices. At the same time, there have also been “chaotic marketing” incidents, including self-harm, explicit behavior, drug use, and other dangerous and illegal acts.

For example, hype around sitting on a toilet—some users claim they will sit on the toilet until their token’s market cap reaches $50 million. Mikol, founder of the “Dare” token, set himself on fire with fireworks during the token launch, resulting in severe burns.

Recently, protocol co-founder Alon claimed that the platform’s live feature now “surpasses” streaming platform Rumble in average concurrent live streams. He also stated Pump.fun is eating into the market share of live streaming giants, reaching 1% of Twitch and 10% of Kick. Alon wrote:

“We’re eating their lunch.”

However, it should be noted these bold claims currently cannot be verified by third-party data platforms.

Nonetheless, the platform’s investment in creator incentives is very real. The $4 million in creator rewards announced on Monday underscores its strategic resolve to use live streaming to attract new users and capital.

Market Fervor Remains, Sector-wide Gains Continue

The rise of Pump.fun aligns with the strong momentum across the altcoin market.

According to CoinMarketCap, the altcoin sector’s total market cap reached $83 billion last Sunday, approaching the July 23rd high of $85 billion. This enthusiasm is also reflected in the price performance of mainstream altcoins. Although the US ETF linked to Dogecoin (DOGE) was delayed, its price still rose last Friday, with a 7-day gain of 11%.

Additionally, other altcoins such as Memecore, Moo Deng, and DORA also saw double-digit percentage gains over the past week.

Despite Pump.fun’s huge short-term success, its long-term direction remains controversial. Some critics argue that the platform is essentially an unregulated form of gambling. Robert Le, a crypto analyst at market data firm PitchBook, said:

This is basically unregulated gambling, which might depend on the jurisdiction of national gaming regulators.

However, the founders of Pump.fun seem to have grander ambitions. Tweedale stated, their long-term goal is to transform Pump.fun from a meme coin launchpad to a mainstream social platform competitor, with most of the revenue going to users and creators.

Tweedale said:

Imagine Instagram or TikTok, where everything is investable. Internally, we no longer describe them as memecoins—I see them more as content.

Instagram and TikTok are taking a lot of value from creators, but what we want to build goes a step further, with all the money going directly to creators.

Risk Warning and DisclaimerThe market has risks; investment must be made with caution. This article does not constitute personal investment advice, nor does it take into account the specific investment objectives, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are suitable for their particular circumstances. Investment decisions based on this article are at your own risk. ```