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| Pump.fun is a ]-based platform that enables users to create and launch ] with ease, requiring no technical expertise. Since its inception in January 2024, it has facilitated the creation of millions of tokens, generating substantial revenue and becoming a significant player in the memecoin market.<ref name=memecoins_crypto_surge></ref> | |||
| {{pp|small=yes}} | |||
| Shortly after launching, it introduced a ] feature on coin listing pages, sparking viral moments and drawing significant attention.<ref name=pump_fun_streams></ref> | |||
| {{tempundelete}} | |||
| The site has been compared with ]<ref name=pump_fun_4chan></ref> and was started by an anonymous founder known as Alon, who aimed to make it "the most fun place on the internet." <ref name=pump_fun_gizmodo></ref> More than 2.4 million unique tokens have been created as of December 2024, but they face a high failure rate, with 98.5 percent of tokens failing to list on decentralized exchanges like Raydium.<ref name=pump_fun_future_token></ref>The majority of the site's revenue comes from fees, making it one of the most profitable blockchain platforms by the end of 2024.<ref name=pump_fun_removal></ref> | |||
| ==History and Controversy== | |||
| Initially, Pump.fun's livestreaming feature led to quirky and entertaining stunts, including viral successes like a teenager profiting thousands on a token he created. However, the feature quickly spiraled into controversy, as some developers resorted to extreme or harmful tactics to gain attention, prompting the platform to disable the feature after regulatory concerns and community backlash.<ref name=pump_fun_streams></ref> | |||
| The removal of the livestream feature caused a sharp decline in platform activity, with daily token creation dropping by 50 percent, and active users falling by 69.4 percent by the end of November 2024. The site's revenues also fell below $2 million for the first time in weeks.<ref name=pump_fun_bot></ref><ref name=pump_fun_livestream_shutdown></ref> | |||
| ===Scams=== | |||
| The site has been host to various scams, including rug pulls where creators inflate a token's value before cashing out and leaving investors with worthless coins. One notable case involved a child who launched a token, hyped it, and sold out after reaching a $1 million market cap, profiting $20,000 before abandoning the project, prompting the community to ironically pump the token further to an $85 million market cap.<ref name=pump_fun_gizmodo></ref><ref name=memecoin_kid_backlash></ref> | |||
| ===UK Ban=== | |||
| In December 2024 the site barred U.K. users from its Solana-based meme coin launchpad following a warning from the ] about operating without proper authorization.<ref name=pump_fun_streams></ref> | |||
| ==References== | |||
| {{reflist|refs= | |||
| <ref name=pump_fun_streams>{{cite web |url=https://www.bloomberg.com/news/newsletters/2024-11-26/pump-fun-s-streams-show-the-dark-side-of-memecoin-trading |title=Pump.fun’s Streams Show the Dark Side of Memecoin Trading |work=Bloomberg |publisher=Bloomberg |date=November 26, 2024 |accessdate=December 6, 2024}}</ref> | |||
| <ref name=pump_fun_gizmodo>{{cite web |url=https://gizmodo.com/pump-fun-is-all-of-the-internets-worst-impulses-on-one-site-2000529483 |title=Pump.fun Is All of the Internet’s Worst Impulses on One Site |work=Gizmodo |publisher=Gizmodo |date=November 26, 2024 |accessdate=December 6, 2024}}</ref> | |||
| <ref name=pump_fun_future_token>{{cite web |url=https://finance.yahoo.com/news/pump-fun-teases-future-token-140819501.html |title=Pump.fun Teases Future Token Release and New Trading Terminal |work=Yahoo Finance |publisher=Yahoo Finance |date=October 19, 2024 |accessdate=December 6, 2024}}</ref> | |||
| <ref name=pump_fun_4chan>{{cite web |url=https://www.bloomberg.com/news/articles/2024-07-12/pump-fun-crypto-s-4chan-attracts-iggy-azalea-and-one-million-memecoins |title=Pump.fun: Crypto’s 4chan Attracts Iggy Azalea and One Million Memecoins |work=Bloomberg |publisher=Bloomberg |date=July 12, 2024 |accessdate=December 6, 2024}}</ref> | |||
| <ref name=memecoins_crypto_surge>{{cite web |url=https://www.nytimes.com/2024/07/27/technology/memecoins-crypto-surge.html |title=Memecoins and the Crypto Surge: Internet Jokes Fuel Speculative Investments |work=The New York Times |publisher=The New York Times Company |date=July 27, 2024 |accessdate=December 6, 2024}}</ref> | |||
| <ref name=pump_fun_bot>{{cite web |url=https://www.msn.com/en-us/money/other/pump-fun-bot-nets-6-8m-profit-with-memecoin-sniping-success/ar-AA1uIR17 |title=Pump.fun Bot Nets $6.8M Profit with Memecoin Sniping Success |work=MSN |publisher=MSN |date=December 6, 2024 |accessdate=December 6, 2024}}</ref> | |||
| <ref name=memecoin_kid_backlash>{{cite web |url=https://www.wired.com/story/memecoin-kid-backlash/ |title=The Memecoin Kid and the Backlash That Followed |work=Wired |publisher=Condé Nast |date=July 27, 2024 |accessdate=December 6, 2024}}</ref> | |||
| <ref name=pump_fun_livestream_shutdown>{{cite web |url=https://gizmodo.com/pump-fun-shuts-down-its-bonkers-live-streaming-service-2000530104 |title=Pump.fun Shuts Down Its Bonkers Live Streaming Service Amid Controversy |work=Gizmodo |publisher=Gizmodo |date=December 1, 2024 |accessdate=December 6, 2024}}</ref> | |||
| <ref name=pump_fun_removal>{{cite web |url=https://finance.yahoo.com/news/pump-funs-removal-2-issuance-120056179.html |title=Pump.fun’s Removal of $2 Issuance Fee Causes Uproar |work=Yahoo Finance |publisher=Yahoo Finance |date=December 5, 2024 |accessdate=December 6, 2024}}</ref> | |||
| }} | |||
| == External links == | |||
| * | |||
| ] | |||
| ] | |||
Revision as of 16:17, 21 December 2024
Pump.fun is a Solana-based platform that enables users to create and launch memecoins with ease, requiring no technical expertise. Since its inception in January 2024, it has facilitated the creation of millions of tokens, generating substantial revenue and becoming a significant player in the memecoin market. Shortly after launching, it introduced a livestreaming feature on coin listing pages, sparking viral moments and drawing significant attention.
The site has been compared with 4chan and was started by an anonymous founder known as Alon, who aimed to make it "the most fun place on the internet." More than 2.4 million unique tokens have been created as of December 2024, but they face a high failure rate, with 98.5 percent of tokens failing to list on decentralized exchanges like Raydium.The majority of the site's revenue comes from fees, making it one of the most profitable blockchain platforms by the end of 2024.
History and Controversy
Initially, Pump.fun's livestreaming feature led to quirky and entertaining stunts, including viral successes like a teenager profiting thousands on a token he created. However, the feature quickly spiraled into controversy, as some developers resorted to extreme or harmful tactics to gain attention, prompting the platform to disable the feature after regulatory concerns and community backlash.
The removal of the livestream feature caused a sharp decline in platform activity, with daily token creation dropping by 50 percent, and active users falling by 69.4 percent by the end of November 2024. The site's revenues also fell below $2 million for the first time in weeks.
Scams
The site has been host to various scams, including rug pulls where creators inflate a token's value before cashing out and leaving investors with worthless coins. One notable case involved a child who launched a token, hyped it, and sold out after reaching a $1 million market cap, profiting $20,000 before abandoning the project, prompting the community to ironically pump the token further to an $85 million market cap.
UK Ban
In December 2024 the site barred U.K. users from its Solana-based meme coin launchpad following a warning from the U.K. Financial Conduct Authority about operating without proper authorization.
References
- "Memecoins and the Crypto Surge: Internet Jokes Fuel Speculative Investments". The New York Times. The New York Times Company. July 27, 2024. Retrieved December 6, 2024.
- ^ "Pump.fun's Streams Show the Dark Side of Memecoin Trading". Bloomberg. Bloomberg. November 26, 2024. Retrieved December 6, 2024.
- "Pump.fun: Crypto's 4chan Attracts Iggy Azalea and One Million Memecoins". Bloomberg. Bloomberg. July 12, 2024. Retrieved December 6, 2024.
- ^ "Pump.fun Is All of the Internet's Worst Impulses on One Site". Gizmodo. Gizmodo. November 26, 2024. Retrieved December 6, 2024.
- "Pump.fun Teases Future Token Release and New Trading Terminal". Yahoo Finance. Yahoo Finance. October 19, 2024. Retrieved December 6, 2024.
- "Pump.fun's Removal of $2 Issuance Fee Causes Uproar". Yahoo Finance. Yahoo Finance. December 5, 2024. Retrieved December 6, 2024.
- "Pump.fun Bot Nets $6.8M Profit with Memecoin Sniping Success". MSN. MSN. December 6, 2024. Retrieved December 6, 2024.
- "Pump.fun Shuts Down Its Bonkers Live Streaming Service Amid Controversy". Gizmodo. Gizmodo. December 1, 2024. Retrieved December 6, 2024.
- "The Memecoin Kid and the Backlash That Followed". Wired. Condé Nast. July 27, 2024. Retrieved December 6, 2024.