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DeFi

Raydium Surges Past Uniswap as Leading DEX for Meme Tokens

by Ouess
written by Ouess

Raydium (RAY) has become the most active DEX in October, surpassing Uniswap due to a surge in meme token trading on Solana. The platform recorded over 90 million active wallets in 30 days, far exceeding Uniswap’s 13.9 million.

Meme Tokens Boost Raydium’s Popularity
Fueled by platforms like Pump.fun, Raydium now handles 60% of Solana’s DEX activity, reflecting Solana’s rising appeal for meme tokens and decentralized trading.

Solana started displacing Ethereum as the most active DEX platform. | Source: Dune Analytics

Solana’s Expanding DEX Market
Solana now captures 43–48% of daily DEX traffic, with Raydium driving growth through meme tokens like WIF and POPCAT, recently securing $3.14 million in fees and locking in $1.4 billion in value.

https://twitter.com/creptosolutions/status/1851617112621482009

RAY Token on the Rise
This surge has pushed RAY to a one-year high, with open interest climbing to $5.69 million. As Raydium grows, it reinforces Solana’s position as a decentralized trading hub.

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DeFi

Pump.fun Surpasses $200M Revenue on Solana Boom

by Ouess
written by Ouess

Solana-based platform Pump.fun has reached an impressive revenue milestone, crossing the $200 million mark as its total revenue surged to over 1 million SOL, equivalent to $188.5 million.

Since launching in January, this rapid growth has made Pump.fun the fastest crypto platform to achieve $100 million in revenue, reaching that milestone within just 217 days.

Factors Driving Pump.fun’s Growth

Two primary factors have fueled Pump.fun’s rapid revenue growth: increased Solana (SOL) holdings and Solana’s recent price spike. Despite selling some of its SOL assets—264,373 SOL as of early September—the platform’s SOL reserves remain high. This strategy has proven lucrative, as Solana’s value surged during Bitcoin’s recent rally, pushing Pump.fun’s revenue closer to $200 million.

Pump.fun revenue | Source: Dune

Ecosystem Expansion and Market Growth

The Pump.fun ecosystem has also seen significant gains, with the combined market cap of its ecosystem meme coins rising by 8.8% in the past 24 hours, reaching $2.31 billion. Leading the charge is Goatseus Maximus (GOAT), valued at $620 million and accounting for 26.8% of the ecosystem’s total market cap. Other tokens, such as Fwog (FWOG) and Moo Deng (MOODENG), have market caps of $262.29 million and $223 million, respectively.

Transaction Surge Reflects Growing Interest

Daily transaction volume has shown renewed strength. After dropping to a two-week low of 21,137 on October 26, transactions spiked to 34,462, bringing Pump.fun’s total transactions to 2.82 million. This uptick underscores the platform’s growing popularity, especially as the crypto market rallies.

As Solana’s influence continues to rise, Pump.fun is set to play a key role, marking its place as a leader in the crypto and decentralized finance spaces.

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Memecoin

Goatseus Maximus Surges 135% Following Crypto.com Listing

by Ouess
written by Ouess

Solana’s meme coin, Goatseus Maximus (GOAT), experienced a massive price surge of nearly 135% after Crypto.com announced plans to begin trading the token.

The listing on this popular exchange has sparked excitement across the crypto market, with many speculating on whether this momentum will continue.

Goatseus Maximus Gains Market Optimism

On October 16, Crypto.com officially confirmed via X (formerly Twitter) that it will list Goatseus Maximus. This means users can trade the meme coin with USD, EUR, and over 20 other fiat currencies on the platform. The announcement created a wave of optimism, with traders eagerly awaiting the token’s next move

This enthusiasm follows recent reports of significant gains made by traders. One notable case involved a trader turning $727 into a $2.42 million profit in just four days by investing in Goatseus Maximus. Despite the buzz, prominent venture capitalist Marc Andreessen clarified that he is not involved with the meme coin, dispelling rumors of his connection.

Goatseus Maximus Price Rally

At the time of writing, Goatseus Maximus is trading at $0.2634, with a remarkable 135% price increase. The token’s daily low was $0.09803, while its peak hit $0.33. The 24-hour trading volume also spiked by 170%, showing strong market interest following the listing.

Meanwhile, Lookonchain reported that a trader who sold their holdings for $1.1K just five days ago could have seen that investment turn into over $5 million today. The coin’s volatility and potential for rapid gains have caught the attention of many traders.

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Memecoin

Bonk Inu to Launch First Meme Coin ETP in the U.S.

by Ouess
written by Ouess

Bonk Inu (BONK) is making headlines with its plan to launch an Exchange-Traded Product (ETP) in the U.S., marking a significant step forward for meme coins. The announcement came during the Solana Breakpoint event, generating excitement across the crypto community.

Bonk Inu Prepares for U.S. ETP Launch

At the recent Solana Breakpoint event, Bonk Inu revealed its plans to introduce an ETP in the U.S. This marks the first time a meme coin will venture into the ETP space, an area traditionally dominated by well-established cryptocurrencies. The ETP launch is expected to provide more legitimacy and market access for Bonk Inu, a token known for its meme status but now aiming for broader financial acceptance.

Partnering with Osprey Funds for Success

To execute this ambitious plan, Bonk Inu has partnered with Osprey Funds, a New York-based investment firm known for its work in Bitcoin ETFs and the Solana Trust. This strategic collaboration will help streamline the ETP’s introduction to the U.S. market, utilizing Osprey’s regulatory expertise. The product will retain the ticker symbol “BONK,” ensuring brand recognition as it moves forward.

Impact on the Meme Coin Market

The introduction of Bonk Inu’s ETP could potentially reshape how meme coins are viewed in the financial world. Meme coins have often been seen as speculative, but launching an ETP could offer a more structured and accessible way for both institutional and retail investors to participate. This move may also signal broader acceptance of meme coins as legitimate financial assets.

Market Buzz and Future Predictions

Since the announcement, there has been growing excitement within the Bonk Inu community. Analysts are speculating on whether this new product could push BONK’s price upward. While the exact launch date remains unclear, it’s expected to happen by the end of the year, which could further fuel interest in meme coins.

Final Thoughts

Bonk Inu’s plan to launch an ETP is a landmark moment, not just for the token but for the meme coin market as a whole. Partnering with Osprey Funds gives the project the credibility it needs to succeed in the financial sector. As the crypto community watches closely, this move could redefine meme coins’ role in investment markets.

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DeFi

Jupiter Faces Backlash Over Influencer Collaboration

by Ouess
written by Ouess

Decentralized crypto aggregator Jupiter is facing criticism after announcing a partnership with Irene Zhao, a Singaporean influencer known for her involvement in several controversial crypto activities.

Announcement Sparks Outrage

On July 22, Jupiter’s anonymous founder, @weremeow, announced the collaboration on X (formerly Twitter). The partnership aims to enhance the “meme coin meta” and provide support for traders. The founder claimed that this initiative would tackle major issues in the current meme coin environment, such as “fake wide distribution, sniping,” and “lying influencers.”

However, the announcement was met with immediate backlash. The crypto community accused Jupiter of endorsing questionable practices by associating with Zhao.

Accusations of Dubious Dealings

Blockchain investigator ZachXBT pointed out the irony of this collaboration, highlighting Zhao’s past with her project So-Col. ZachXBT alleged that Zhao engaged in opaque dealings, accusing her of deceiving early investors by making undisclosed agreements with DWF Labs.

In February 2023, DWF Labs invested $1.5 million in Zhao’s startup So-Col by purchasing SIMP tokens. Zhao had committed to a one-year vesting period for the tokens, ending in February 2024. However, blockchain data showed that DWF received over 3 million SIMP tokens in March, and soon after, transferred around 2.6 million SIMP to the KuCoin exchange.

Irene Zhao’s Controversial Past

Irene Zhao gained fame in early 2022 by selling her photos as NFTs, earning over $5 million. She later launched an NFT collection called IreneDAO, which initially surged to a price floor of 1.49 ETH. However, according to CoinGecko data, the collection has since plummeted to 0.05 ETH, an 87% decline from its peak.

Community Reaction

The crypto community’s reaction to Jupiter’s announcement highlights the ongoing concerns about transparency and trust within the industry. Many users believe that partnering with Zhao could harm Jupiter’s reputation and credibility.

Conclusion

Jupiter’s collaboration with Irene Zhao has ignited a significant controversy within the crypto community. As the debate continues, it underscores the importance of transparency and ethical practices in the rapidly evolving world of decentralized finance.

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