Morning Minute | Pump Fun Passes $100M, Spawns Competitor

TylerD's Market Summary

📈 Pump Fun Hits Major Milestone As New Competitor Launches

This year's memecoin cycle has made some fresh new winners.

Though arguably no one has won more than memecoin platform Pump dot Fun.

And now, a new player wants to enter the game - but on Ethereum.

What Happened?

Pump dot Fun hit a major milestone over the weekend, crossing $100M in lifetime revenue.

The kicker?

They did it in 6 months.

That incredible run to $100M makes Pump dot Fun one of the most successful crypto apps of all time (Rollbit technically hit $100M faster).

They have found clear product market fit in making the launching of memecoins and trading of them in-app as easy as possible.

And given their success, it should be no surprise that new competitors have entered the scene.

Pump Fun's Newest Competitor - Ethervista

The Ethereum memecoin ecosystem has been strikingly different from Solana this cycle.

Why?

Many fewer options to choose from.

While Pump was launching 10k+ memes per day on Solana, Ethereum saw an order of magnitude less.

That may be about to change.

Ethervista launched over the weekend, with its native coin VISTA soaring to a $25M market cap ($16M at time of writing).

Here's how it works:

• Users must create their own coin's contracts (Ethervista doesn't do this)
• Ethervista does help with the Luanch, providing users with LP tokens from their own DEX (users decide to burn or not)
• The Ethervista DEX has hard-coded buy/sel fees that go to the LP and to the coin creator

Because of the native DEX, many are comparing Ethervista more to Uniswap than Pump Fun.

And the DEX is important, as it uses a portion of its fees to autobuy and burn its native VISTA token, with 2.17% burned forever already. 

Market Impact

Ethervista has created its own ecosystem of memecoins on ETH, now findable via the multi-colored Ethereum symbol on Dex.

The ecosystem was booming into Monday, but has since pulled back a bit.

• VISTA is the clear leader, running to $25M+ on Monday before pulling back overnight (now at $16M)
• BONZI was one of the first meme runners, up 33% to $1.2M mc on the day
• VISTADOG was the first dog-meme and is holding at $900k

Overall only 1 meme (BONZI) is over $1M mc this morning.

It's going to need to see more winners than that to draw more interest, but it's still very early.

Interestingly, ETH meme leaders like PEPE and MOG are underperforming their Solana competitors on the day. This will be another interesting trend to track in the Ethervista era.

Will Ethervista be able to go on a Pump-esque run? How will it impact the broader ETH meme ecosystem?

Time will tell. Stay tuned...

🚚 What else is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

• ETH led NFT trading volume with $3.M on the day; Solana was next with $2.3M, and then BTC with $1.7M
• ETH NFT leaders were slightly red on the day; Pudgy -1% at 10.6 ETH, BAYC -1% at 11.9 ETH, Azuki -1% at 4.8, Milady -3% at 3.45
• Punks down 10% from local highs at 27.5 ETH after whale holder liquidates 20 Punks
• Eggs from the CryptoKitties team were the runner of the weekend, moving over 36x to a 0.36 ETH floor (from a sub 0.01 ETH mint)
• Pebbles (+90%) and Remnants (+22%) were other notable top movers
• BTC NFT leaders were mixed; NodeMonkes even at 0.12 BTC, Puppets +6% at 0.08 BTC, Quantum Cats -1% at 0.242, Pizza Ninjas +3% at 0.144, OMB even at 0.16
• The Runes leaders were mostly green in a welcome rebound; DOG +2% at $272M mc, RSIC -17% at $66M mc, PUPS -3% to $32M
• Solana NFTs mostly chopped; Mad Lads even at 61 SOL, SMB Gen 2 even at 24, DeGods -4% at 27
• Yuga cofounder Garga revealed The Workshop, a team of elite builders inside Yuga with products coming to Apechain soon

💰 Token, Airdrop & Protocol Tracker

Here's a rundown of major token or airdrop news from the day:

🌎 Around Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

• Crypto majors are slightly green; BTC +1% at $59,030; ETH -1% at $2,510, SOL +2% at $134
• Memecoin majors are more green with DOGE +2%, PEPE +1%, WIF +9%, BONK +3%, MOG -1%
• Ethereum daily revenue reached a 2024 low over the weekend and is now down 90% YTD
• A Bloomberg article cited that crypto owners are more likely to be psychopaths than normal people
• Base monthly active users hit 14M over the weekend, up from just 4M in June 2024
• Donald Trump teased the family's next crypto project World Liberty Financial, with plans to connect users to "decentralized finance's best tools for secure, high-yield crypto investments"

🚀 Memecoin Movers 

• $POX (+47%, $22M market cap, SOL)
• $WOLF (+40%, $18M market cap, SOL
• $RYU (+34%, $20M market cap, ETH)
• $r/snoofi (+34%, $18M market cap, SOL)
• $GINNAN (+30%, $16M market cap, SOL)

📈 NFT Floor Price Increase (ETH)

• EGG (85%, 0.36 ETH Floor)
• Pebbles (84%, 1.75 ETH)
• Pudgy Puppets (45%, 0.04 ETH)
• Remnants (22%, 6.66 ETH)
• Early Retired Cats Club (21%, 0.11 ETH)

🗓 Upcoming Mints and Events

Today is a slower day of new mints, mostly focused on Bitcoin.

The highlight is definitely the launch of Predict Dot Fun today on Blast. The new prediction market offers native yield and 900k in Blast Gold as incentives in its first month.

See the full list and dive in for more details with Swizzy's daily mint monitor. 

• BIT L'ORDS (9:00 a.m. ET)
• kerishaBTC (11:00 a.m. ET)
• For the Culture (11:00 a.m. ET)
• Predict dot Fun - launch (12:00 p.m. ET)

Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email to tyler.warner@luckytrader.com.