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Pump.fun Bags $1 Billion Worth Of Trading Volume
According to CoinMarketCap data, Pump.fun (PUMP) is riding the wave of a bull market to post impressive metrics over the last day. Insights from the crypto price aggregator revealed that PUMP has racked up $1 billion in trading volume in 24 hours, underscoring significant investors’ interest in the project.
Buoyed by the surge in daily trading volume, PUMP price is up by nearly 10% over the last day to trade at $0.008436. At current prices, PUMP has a market capitalization of $2.99 billion, with recent metrics noting that nearly half of all PUMP tokens in circulation have exchanged hands in 24 hours.
Despite the near double-digit percentage reached on the daily price chart, PUMP’s price performance over the seven-day chart is most impressive. During the last week, PUMP surged by 47.64%, shutting down speculation of a steep decline for the price aggregator.
Several project initiatives are behind the glowing PUMP metrics, with a wave of token buybacks triggering a long-running rally for the project. Furthermore, the Solana-based launchpad has unveiled Project Ascend to scale creator rewards and scale sustainability across its ecosystem.
 
Amid the push, Pump.fun has raked in $3.12 million in daily revenue, exceeding Hyperliquid and defying platform glitches to set a new record high.
Memecoins Record Impressive Milestones
While the rest of the cryptocurrency markets have experienced price surges, memecoins are joining the party with impressive numbers over the last 24 hours. Ecosystem leaders Dogecoin and Shiba Inu are up 4% and 2% respectively, while PEPE recorded 2% during the rally.
According to CoinMarketCap data, the top memecoins’ biggest gainer is MemeCore, with a staggering 18% surge in 24 hours. Other leading gainers include PENGU, TRUMP, FARTCOIN, and BONK with 7.22%, 2%, 9.3% and 4.84% respectively.
Several reasons account for the sudden price surge for memecoins, with the Fed’s decision to cut interest rates playing a leading role in the rally. The broader cryptocurrency market capitalization has added nearly 2% since the announcement of the first rate cut of the year.
Outside of macroeconomic factors, experts argue that memecoins are surging because altcoin season is clearly underway. Bitcoin dominance has experienced a significant drop over the last day as traders shift to higher-risk altcoins following a lull in prices for the largest cryptocurrency. Meanwhile, DeFi derivatives are also fueling altcoin price urges in addition to institutional altcoin adoption.
Source: https://zycrypto.com/pump-fun-clinches-1-billion-in-daily-trading-volume-as-memecoins-race-to-an-80-billion-market-cap/
