After posting the tweet yesterday about Pump possibly engaging in wash trading, I had some in-depth discussions with a few friends. How should I put it? Others have also noticed that they have a lot of coins purely for wash trading, but there’s no way to prove it’s them doing it. Still, pumping tens of millions in volume for a market cap of just a few hundred K is definitely suspicious. The recent shrinkage in the Meme market isn’t just a feeling—it’s backed by data. Tools like Gmgn and other “dog-beating” tools have also seen reduced revenue. So why is it that Pumpfun can still consistently print so much money every day? On the flip side, wash trading requires real money to execute. Even if the profits are fake, they still look great on paper, which makes it an attractive business for investors who only focus on basic fundamentals and returns. One friend proposed an interesting hypothesis: Since the amount of Pump tokens transferred to Kraken yesterday is very close to the amount they previously bought back ($74M vs. $80M), what if they’re just repeatedly dumping the tokens they bought back to crash the price, arbitraging the difference, and then using the proceeds to continue wash trading? Wouldn’t that be a perpetual motion machine? Honestly, many well-known projects in the crypto space are essentially designing Ponzi models. But a good Ponzi scheme is one where, even if you know it’s a Ponzi, you can’t really blame them too much—you might even admire their cleverness and creativity. (Attaching a screenshot from another group discussion) So the final takeaway is: As long as http://PUMP.Fun continues to maintain stable daily buyback amounts, this story can keep going. Whether you’re bullish or bearish, friends have differing opinions—so dear readers, make your own judgment!