Cryptocurrency Developments: German and US Transfers, Binance Alerts, and Pump.fun Revenue

Profits from Memes

Since its launch, the cumulative revenue of the meme-token creation platform Pump.fun, based on Solana, has exceeded $50 million, according to DeFi Llama. 

In the past 24 hours, the protocol generated approximately $598,000 from fees. 

According to the Dune dashboard, about 1.18 million meme-coins have been issued through the platform since its inception. 

However, at the end of June, the “meme-token factory’s” revenue plummeted by 30%. This decline may have been triggered by the overall downturn in the crypto market. 

Earlier, the cryptocurrency data service DEX Screener launched a competing platform on Solana called Moonshot, which has already earned around $493,000 in fees since its debut.

Binance Updates Tags

On July 1, Binance, the largest cryptocurrency exchange by trading volume, added several digital assets to its monitoring list. The list includes: 

• Balancer (BAL);
• Cortex (CTXC);
• PowerPool (CVP);
• Convex Finance (CVX);
• Dock (DOCK);
• Kava Lend (HARD);
• IRISnet (IRIS);
• MovieBloc (MBL);
• Polkastarter (POLS);
• Status (SNT);
• Sun (SUN). 

Tokens with such a tag “exhibit higher volatility and risks compared to other coins,” stated exchange representatives. These crypto-assets are closely monitored and undergo regular reviews: 

“Please note that tokens with a monitoring tag risk failing to meet our listing criteria and may be delisted from the platform.”

Binance also removed the corresponding tag from two coins — Enzyme (MLN) and Horizon (ZEN). 

Previously, the exchange delisted Waves (WAVES), OmiseGO (OMG), NEM (XEM), and Wrapped NXM (WNXM) due to non-compliance with “high standards and industry requirements.” 

Sales of Seized Crypto Assets

On July 1, the German government moved 1500 BTC, worth approximately $95 million, to several cryptocurrency exchanges.

According to the Arkham analytics panel, wallets associated with Germany’s Federal Criminal Police Office (BKA) sent two transfers of 400 BTC and 1500 BTC to Bitstamp, Coinbase, and Kraken. At the time of writing, the BKA-controlled address holds 44,690 BTC (~$2.8 billion).

On June 26, Bitcoin wallets linked to Germany transferred 595.3 BTC, worth ~$36.65 million, to crypto trading platforms. On June 25, the same address sent 200 BTC each to Coinbase and Kraken. Prior to this, the government moved 6500 BTC (~$425 million). 

These are likely coins seized by law enforcement in January from administrators of the pirate movie site Movie2k. 

On the same day, the US government transferred 3375 ETH worth $11.75 million to an unknown address. The United States remains the largest holder of cryptocurrencies among countries, with assets worth $13.8 billion held in government-controlled wallets. 

Last month, the US transferred 3940 BTC (~$240 million) to the Coinbase Prime exchange. These funds were seized from drug trafficker Banmit Singh in May. 

Previously, Bitcoin Magazine CEO David Bailey accused the US authorities of “squandering” the country’s Bitcoin reserves, which should have exceeded 400,000 BTC.