Pump.Fun Surpasses Ethereum in Daily DeFi Revenue Amid Memecoin Surge

Daily Top Performer — Ripple (XRP)

The SPX index was down by 0.5% as investors moved away from large tech stocks towards more traditional economic sectors. Market focus remains on upcoming earnings reports, economic data, and the Federal Reserve's announcement. The broader cryptocurrency market was down, with Bitcoin and Ether dropping by 2.09% and 1.38%, respectively in the past 24 hours.

Today's top performer is XRP, which surged 8.3% following Ripple's partnership with Fenasbac to boost blockchain innovation in Brazilian finance.

Ripple (XRP), launched in August 2012, is a blockchain technology company focused on improving international payments with its cryptocurrency, XRP. Ripple has teamed up with Brazil's Fenasbac to advance blockchain innovation in Brazilian finance through the Next Accelerator Program. This partnership will support fintech startups using the XRP Ledger for developing scalable financial solutions. Ripple will sponsor two companies focused on treasury management, asset tokenization, and lending. This initiative underscores Ripple’s commitment to fostering blockchain technology in Brazil's sophisticated digital finance ecosystem.

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Talk of the Town:

Pump.Fun, a memecoin launchpad, has outstripped Ethereum in daily revenue within the Decentralized Finance (DeFi) sector, generating $867,429 in daily revenue over the last 24 hours compared to Ethereum's $844,276. This achievement highlights the significant impact of the recent memecoin frenzy, particularly on platforms like Pump.Fun which facilitates easy token launches for non-technical users. Pump.Fun's revenue model includes a 1% transaction fee until a token reaches a set market cap and transitions to a secure liquidity pool. In contrast, Ethereum, valued at $395 billion, earns its revenue through transaction and smart contract execution fees, known as gas.

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Bitcoin Spot ETF Flows:

U.S. Bitcoin Spot ETFs experienced a net outflow of $18.3 million, with GBTC causing the bulk of the outflow and BlackRock's Bitcoin ETF (IBIT) being the only fund to record inflows in the past two days. 

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Airdrop to Watch:

The Telegram-based clicker game, Hamster Kombat, has reached over 300 million users in less than five months since its launch and is preparing for what it claims to be the "largest airdrop in crypto history." The game, which achieved 100 million users in just two months, plans to distribute the majority of its HMSTR tokens to players, with the remainder allocated for market liquidity and ecosystem development. The Hamster Foundation, which runs the game, operates without venture capital backing, aiming for a community-driven valuation of the token. The foundation is also expanding to create a broader gaming ecosystem across multiple platforms and exploring new revenue models to support its growth without selling its tokens.

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