Pump.fun Becomes Fastest-Growing Crypto App by Revenue, Hits $100M in 217 Days Despite Recent Slowdown

Daily Top Performer — Ordinals (ORDI)

The S&P 500 led gains in August, rising 2.28% despite a sharp selloff earlier in the month driven by recession fears. Positive economic data and expectations of a Federal Reserve interest rate cut helped stabilize sentiment. Investors are now looking ahead to a key jobs report and ongoing earnings season to gauge the market's direction. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 3.40%, with Bitcoin dropping by 0.09% and Ether rising by 2.03%, in the past 24 hours.

Today's top performer is ORDI, which surged 19.1% following the announcement of the Ordinals Summit and Inscribing Atlantis hosting a major Bitcoin event at the National Gallery Singapore.

Ordinals (ORDI), introduced in January 2023, is a decentralized platform for NFTs and digital assets, with easy NFT creation and a wallet for tokens. Its native token, ORDI, is valued at one satoshi of Bitcoin for stability. The platform enables users to inscribe data like images and text onto Bitcoin's blockchain as NFTs. The Ordinals Summit, in partnership with Inscribing Atlantis, will host a major Bitcoin event on September 17, 2024, at the National Gallery Singapore. This summit, part of TOKEN2049 week, will focus on Bitcoin innovations including Ordinals, fungible tokens, Runes, and BRC-20s. It aims to attract over 1,000 attendees and features prominent speakers like Casey Rodarmor and Erin Redwing. The event marks a significant collaboration to advance the Bitcoin ecosystem and will offer a platform for innovation and community engagement.

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Talk of the Town:

Solana's Pump.fun, a memecoin launchpad, has become the fastest-growing crypto app by revenue, reaching $100 million in just 217 days since its January launch. The platform's rapid success is attributed to its high fees and appeal to retail speculators. Despite a recent slowdown in activity and revenue growth, Pump.fun initially saw significant adoption, with over 500,000 tokens created in a month. However, recent competition from SunPump on the Tron network and a decline in token creation have impacted its revenue, which has dropped to about 20% of its peak daily revenue.

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Airdrop to Watch:

Super Champs announced that Season 1 of their points program will end on September 18th, 2024. The token generation event (TGE) hasn't been announced yet, so after Season 1, either the TGE will occur, or Season 2 will begin.