Memecoin traders blame Pump.Fun for oversaturation and scams

Token issuance platform Pump.fun has sparked a lot of controversy recently. Recently, the platform eliminated fees for creating tokens and instead offered small rewards to those who successfully deployed tokens, resulting in the launch of more than 23,000 tokens in the past 24 hours, setting a new high in fees of $5 million. However, data from Dune shows that only 250 tokens successfully left the platform, with a success rate of only 1%. This low success rate has frustrated traders, who believe that the oversaturated market increases the risk of scams and "RUG" incidents. Although Pump.fun claims to have taken measures to protect users, traders still hope that there will be better verification and filtering mechanisms to identify and avoid scams. (Decrypt)