30s Summary

Pump.fun, a prominent player in the “memecoin” sector on the Solana network, hinted at a new token release and showcased their improved trading tool, “Pump Advance”. Despite criticism and a high failure rate of memecoins, with 98.5% failing to get a successful listing on Raydium, Pump.fun maintains active trading. To incentivize token creators, an $80 reward was introduced for successful listings. The platform has pulled in significant revenues, totalling over $5.3 million in a single day in August 2024.

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The guys over at Pump.fun, who are pretty big in the “memecoin” world on the Solana network, just teased us about a potential new token release. They also had a reveal of their updated trading tool, cheekily called “Pump Advance”, at an event on October 19th. They didn’t spill any dates for when we might see the new token, though.

So, what’s new with this updated platform? Well, it’s got nifty little charts, info on who’s holding the most coin, and even social cues to sort through the dizzying amount of memecoins out there. They’re also offering free trades for the first month and boosted safety features via Privy.

There’s been a bit of a split in the crypto community about these memecoins. Some folks like Murad Mahmudov see them as bringing a really useful part to crypto by taking the betting aspect out of altcoins. On the flip side, Jimmy Song sees them as a negative for investors and pretty much the epitome of risky betting.

Are you wondering what the success rate of these memecoins on Pump.fun seems to be? Well, Dune analytics shared that about 98.5% of hopeful memecoins never get off the ground by getting a successful listing on Raydium, a big-time decentralized trading protocol on Solana.

In a move to try to increase the number of successful token launches, the Pump team announced they’d offer an $80 incentive for token creators in August 2024, as a sort of ‘finish line’ reward once their tokens get a successful listing on Raydium.

Sounds good, doesn’t it? But remember, critics have mentioned that your chance of picking a winner on Pump.fun is worse than winning roulette. A memecoin trader even estimated the odds at a measly 0.12% and said the platform was essentially a “slaughterhouse”.

Despite the high failure rate, Pump.fun continues to draw in people and sees a bunch of deals go through its platform every day. Back in August 13, 2024, the platform raked in over $5.3 million in a single day, hitting the collective revenue of the top 24 biggest protocols combined in the same time frame.

Source: Cointelegraph