Meme coin popularity sends Solana's economic value to new all-time high

• Increased growth in Pump.fun and recently launched Moonshot are partly catapulting growth in Solana.
• Solana's Pump.fun has helped launch over 1.18 million meme coins in six months.
• Social data shows WIF could see more upside despite recent gains.

Solana (SOL) block space profitability reached a new all-time high of over $91 million on Monday, the same day that Pump.fun's cumulative revenue surpassed the $50 million mark. The increased attention towards meme coins in the current bull cycle has partly fueled the growth.

Meme coin popularity boosts Solana’s growth

Following the meme coin frenzy in March, Pump.fun, a Solana-based meme coin launchpad, became the go-to platform for launching several celebrity-themed and political-based tokens.

Launched in January, its ease of token generation combined with Solana's low transaction fees saw Pump.fun record more than 1.18 million meme token launches, according to Dune Analytics data.

In turn, the token launches have boosted revenue for Pump.fun above the $50 million level, according to data from DeFiLlama. The revenue growth seems to have also lured aggregator platform Dexscreener into launching Moonshot, another Solana-based meme coin token generation platform.

Pump.fun cumulative revenue

This growth also extended to the broader Solana ecosystem, which, according to Blockworks data, saw its economic value reach an all-time high of $91 million.

Meanwhile, dogwifhat (WIF) has been up more than 10% in the past 24 hours, and its weighted social sentiment shows that the meme coin could grow more. WIF's weighted sentiment is at -0.78, indicating that most of the mentions involving the coin have largely been negative or bearish.

WIF weighted sentiment

A ratio above one would have indicated increased bullish sentiment. Despite WIF price gains, the reduced weighted sentiment suggests that the meme coin could see more growth in the coming days.