Will pump.fun ruin Memecoin?

Author: David C., Bankless; Compiler: 0xjs@黄金财经

Pump.fun, a popular memecoin launch platform among Solana trading users, has attracted a lot of new criticism this week, with people worried that its newly updated token launch mechanism will make memecoin betting no longer fun.

Pump has helped users create nearly 2 million unique memecoins in its early life, and although 99.99% of these memecoins have not gained any meaningful value, the activity has made the Pump team rich. They have earned $100 million in fee income since the platform went live in March.

Their success is constantly adding up. The platform recently eliminated the $2 fee for creating memecoins, passing the fee on to the first buyer of the token (usually a robot). The shift has led to a large influx of new tokens to the platform, rampant speculation, and Pump's fees have also hit a record high, with $5.3 million in fees in 24 hours this week.

All of this action has led to a lot of complaints on crypto twitter that the only winners in the new moves are the Pump.

Can the platform sustain this kind of action, or will traders migrate elsewhere?