From competing with bonk.fun to conducting and completing one of the largest ICOs in cryptocurrency history, this year’s pump.fun may not be as glorious in terms of profit as last year, but it is still somewhat successful. As of today, pump.fun has spent nearly 1 million SOL (approximately $188 million) in fee revenue to repurchase 12.227% of the total supply of $PUMP.

However, the continuous and large-scale repurchases have not improved the price of pump.fun's token, which continues to decline. The actions of pump.fun and its co-founder alon have increasingly dissatisfied the market. The day before yesterday, Mario Nawfal, a prominent figure with over 2.6 million followers on X, publicly criticized pump.fun on his secondary account:

"Even if pump.fun is a for-profit company, their actions are baffling. Solana has been struggling, yet they sold SOL in the billion-dollar range. They completed the $PUMP ICO months ago and promised an airdrop, but have yet to deliver and have not reinvested in the entire ecosystem. Even setting aside the moral obligation of what this company should do, from a business perspective, how can they expect to thrive when they so blatantly disregard the ecosystem that has enabled them?"

This may be the largest public criticism of pump.fun from a KOL we have seen so far. Just a few hours after this tweet, pump.fun announced a community grant of $10,000 to each of the six meme coins within its ecosystem, an action that was purely adding fuel to the fire and was ruthlessly mocked by "the trench."

In the comments section of this tweet, there were many such remarks:

"I c you."

"That's so fucking funny."

"You guys make so much money every day, and then you only give these meme coins that are struggling to build in your ecosystem $10,000? What can $10,000 do?"

In August of this year, when pump.fun faced a fierce challenge from bonk.fun, they launched the Glass Full Foundation, spending about $1.7 million to purchase some well-performing meme coins within their ecosystem. However, since then, pump.fun has not provided any real financial support to the meme coins in its ecosystem. About two weeks ago, the "last survivor" $neet in the Glass Full Foundation also fell below the price at which pump.fun bought in, resulting in a total loss of approximately $1.37 million for the Glass Full Foundation's holdings.

Players who firmly stood by pump.fun during its battle with bonk.fun, as well as those who hoped pump.fun could take on the responsibility of revitalizing the meme market, can be said to be extremely disappointed. They hoped pump.fun would properly support its ecosystem instead of suddenly jumping into CCM (live streaming tokens) and then ICM, ultimately leaving everything in disarray.

The large-scale repurchases have not boosted the price of $PUMP, and under the increasingly despondent player sentiment and disappointment, it has gradually come under scrutiny.

"How do you explain that $PUMP repurchased over 10% yet is still below its initial price?"

In this context, the official pump.fun Twitter account, as well as the official Twitter of co-founder alon, inexplicably fell silent for about 10 days without a single tweet. Even the last important update from pump.fun, "Mayhem Mode," was not mentioned by the official pump.fun Twitter.

By the way, "Mayhem Mode" was also heavily criticized by players. Given the sluggish state of the Solana meme market, the lowered graduation threshold for tokens and the mechanism of randomly purchasing tokens through fees from tokens activated in this mode were seen as pump.fun draining the swamp.

The unreasonable silence prompted the AI aixbt to fire shots at pump.fun:

"pump.fun has collected $300 million in fees, but the token graduation rate is now only 0.7%. There are 12,610 launches daily, with only 98 successful. The platform profits from 99.3% of failed token launches. The team suddenly disappeared 13 days ago, during the highest trading volume week ever. It is said that their repurchases are just a transfer from one hand to the other; the product itself is a value extraction machine."

Shortly after, a tweet from Lookonchain sparked rumors in the market that "pump.fun has run away":

"It seems that pump.fun has cashed out at least $436.5 million since October 15."

This tweet finally prompted pump.fun to "resurrect." Co-founder Sapijiju tweeted that Lookonchain's claims were completely unfounded, stating that pump.fun had not cashed out any funds but merely transferred the funds raised from the ICO to different wallets for the company to use for business development.

This explanation is clearly weak. The only acquisitions disclosed by pump.fun so far are Kolscan and Padre, the former being a tool for tracking KOL trading profits and losses, and the latter a trading terminal. When the acquisition of Padre was announced, pump.fun also stated that the Padre token would no longer be used on the platform and that there were no further future plans.

Imagine a Web2 company being acquired, and just as shareholders are celebrating, they are told that their stocks are now worthless. This is the cold and ruthless tragedy that happened that night; those who did not carefully read the end of the tweet thread were left hanging, and the original holders of $PADRE had nowhere to turn.

"Holding a product's token -> finally seeing it acquired by a big company -> instantly doubling in value -> discovering the acquirer says the token is now useless and has no future plans -> foot cut off."

In the end, although the rumors of pump.fun's exit are currently unfounded panic and pump.fun has responded, this reflects the concentrated dissatisfaction of the market. If pump.fun is merely a calculating enterprise that completely disregards public sentiment in its calculations, it cannot be considered a shrewd calculator.

Of course, it is also possible that they have made enough profit and no longer care. After all, the airdrop mentioned in the tweet from July 9 saying "coming soon" has yet to show any signs of "soon" today. Alon stated that the fourth quarter would be a brilliant quarter, but the result has been a cold and desolate mess. The lack of respect for the community through opaque communication and trivial community incentives has only increased players' resentment.

How can "the trench" say they love you, pump.fun?

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。