Since its launch in early March, the platform has generated over $5 million in revenue, issuing thousands of tokens on a daily basis.

Capitalizing on the ongoing meme coin craze on Solana, Pump, a meme coin generator platform, has rapidly emerged as one of the most lucrative applications in the digital asset realm. In the past 24 hours alone, Pump has raked in $300,000 in fees on the Solana network, contributing significantly to the network's total generated fees of $2.5 million. Based on current usage and growth trends, annual revenue projections for Pump stand at approximately $66 million, as per DefiLlama data.

Pump's operational model is straightforward: for a nominal fee of $2, users can create their own tokens, selecting the desired quantity, theme, and accompanying meme image. Once the market capitalization of any token reaches $69,000, a portion of liquidity is deposited to the Solana-based exchange Raydium and subsequently burned. Last week, Pump expanded its support to include the Blast and Base networks.

One of Pump's key selling points for traders is its purported built-in safety mechanism, aimed at preventing "rug pulls," a prevalent crypto scam involving the draining of liquidity by token issuers. According to Pump's website, all tokens created on the platform undergo a fair launch process with no pre-sale or team allocation, ensuring their safety.

The user-friendly nature of Pump has led to a rapid proliferation of new tokens, with new issuances occurring almost every second. CoinDesk observed a staggering 35 token issuances in a single minute during Asian morning hours on Tuesday, although this figure is subject to fluctuation based on time zones and shifts in meme trends.

While Pump has facilitated the creation of tens of thousands of tokens since its inception, only a select few have attained market capitalizations exceeding $10 million. Notable tokens include Shark Cat (SC), featuring a cat donning a shark cap, and Hobbes, named after the beloved feline companion of prominent Solana trader Ansem, boasting valuations of $100 million and $35 million, respectively.

Cat memes remain a prevalent theme among token issuers, although Pump tokens span a diverse array of subjects, ranging from a can of Arizona Iced Tea to the iconic Lord of the Rings character Gandalf and even a pixelated image of a rubber duck.