Pump.fun: The Contradictory Game on Solana, Risks Behind the Prosperity!!!

Recently, I have delved deeply into Pump.fun, and the more I look, the more I find it to be a contradictory existence on Solana.

On one hand, Pump.fun's total revenue has exceeded $613 million, attracting $205 million in the past 30 days;

On the other hand, on-chain data shows that over 80% of meme coins have a lifespan of less than 48 hours.

Every day, over 1800 new coins are launched, transaction fees on the Solana chain have skyrocketed, and trading volume has surged, making the ecosystem seem very prosperous. But upon closer inspection, we find that the vast majority of projects lack any fundamentals, and prices are entirely driven by FOMO sentiment.

In short, Pump.fun pushes the Web3 concept of “anyone can create a coin” to the extreme, while also exposing the short cycles and rapid speculation nature of the meme economy.

Essentially, this game is about:

Who can hype it up the fastest, pump it, and then exit quickly.

On-chain data indicates that over 65% of project pools have liquidity below $500, with large holders controlling the market and liquidity mining being common.

Moreover, regulatory scrutiny has begun to focus, and future free-spirited celebrations may not last.

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