The Pump.fun team, a popular memecoin distribution platform on the Solana (SOL) network, recently announced its upcoming token launch and a newly upgraded trading terminal called “Pump Advance” at the X Spaces event on October 19th.
The Pump team did not provide a specific timeline for future token launches. However, additional information has been provided about the recently unveiled Pump Advanced platform.
According to the announcement, Pump Advance features mini-charts, data on top holders, and social indicators to help traders sift through the millions of memecoins currently competing for attention. The team also announced a 0% first month fee and improved login security options through Privy.
New Pump Advanced trading terminal. Source Pump. It’s fun.
Memecoin has drawn mixed reactions from the cryptocurrency community, with some industry thought leaders such as Murad Mahmudov arguing that memecoin provides a legitimate use case for cryptocurrencies by removing the speculative premium from altcoins. In contrast, prominent Jimmy Song believes that memecoins are a net negative for investors and represent the pinnacle of speculative gambling.
relevant: What is Pump.fun? Solana’s Memecoin Generator Guide
Putting Pump.fun’s memecoin into perspective
Dune analytics data shows that approximately 98.5% of promising memecoins on the Pump.fun platform have not been successfully launched by listing on Raydium, the popular decentralized exchange protocol on the Solana network.
In an effort to address the high level of token launch failures and potentially stop lug pulls, the Pump team will release a $80 deposit in August 2024 to enable token creators to complete the bonding curve and successfully list their tokens on Raydium. Incentives announced.
Memecoin has been successfully launched on the Pump.fun platform. source: sand dune.
Critics of the platform point out that the odds of picking a successful memecoin on Pump.fun are lower than the odds of winning at roulette. One Memcoin trader put the odds of picking a winner at around 0.12% and described the platform as a “slaughterhouse.”
Despite these high levels of failure and botched token launches, the Pump.fun platform continues to attract users and boast significant trading volume.
On August 13, 2024, the memecoin distribution platform generated over $5.3 million in revenue in one day. This surpasses the total revenue of the 24 largest protocols over the same period.
magazine: 1 in 6 new default memecoins is a scam, and 91% have vulnerabilities.