Recently researched Pump.fun, and the more I look, the more I feel that it is a very contradictory existence on Solana.

On one hand, there is a total revenue of $613 million, and it has crazily absorbed $205 million in the past 30 days;

On the other hand, on-chain data shows that over 80% of meme coins do not survive 48 hours.

Every day, over 1800 new coins are born, transaction fees on the Solana chain have skyrocketed, and trading volume has reached record highs, making the ecosystem look super prosperous.

But if you take a closer look, most projects have no fundamentals at all, and prices are entirely supported by FOMO sentiment.

In simpler terms, Pump.fun has pushed the Web3 idea of 'anyone can create a coin' to the extreme,

And has thoroughly exposed the short cycle and rapid speculation of the meme economy.

The essence of this game is:

Who can hype it up the fastest, pump it the fastest, and run away the fastest.

On-chain data shows that over 65% of project pools have liquidity of less than $500, with major players controlling the market and liquidity mining pits visible everywhere.

Moreover, regulators have already started paying attention, and it is likely that this freedom and revelry will not last forever.