Crypto Platform Pump.fun Knocked As ‘Illness’– Critics Say It ‘Takes’ $741 Million

A growing wave of criticism is sweeping over Pump.fun, the Solana-based memecoin launchpad that’s pulled in about $741 million from users’ trades. According to blockchain information, the platform has been offering off its cost earnings in big chunks because May 2024.

Traders now wonder whether the site is built to serve them or simply to line its own pockets.

Fee Extraction Scale

According to analytics from LookOnChain, Pump.fun has offered around 4.1 million SOL tokens, raking in approximately $741 million at a typical price of $180 each. Those moves show just how much worth the platform can pull out of its user base in a matter of months.

User Losses Vs Platform Gains

Based on reports, 13.55 million wallets have actually ever traded on Pump.fun.– Beau (@beausecurity) November 25, 2024

Crypto influencer Crypto Bitlord has actually called Pump.fun a ‘disease accountable for mass killings and suicides on livestream,’ and he claims more than $20 billion has actually been lost to rip-offs on the site. He’s even advised that Pump.fun be cleaned off the web for the good of the crypto community.

Regulatory RoadblocksPressure is building from all sides.

Sam Boolman | Crypto Enthusiast and Writer

Sam Boolman is a contributing writer at ChainIntel.org with a long-standing interest in cryptocurrency, blockchain technology, and emerging financial trends. A self-directed trader who actively invests his own capital, Sam follows the markets closely and brings a hands-on perspective to the fast-paced world of crypto journalism. With a background in business and digital media, Sam has written across a variety of sectors including tech, startups, and online finance. His curiosity and enthusiasm for the evolving digital economy fuel his exploration of Web3, decentralised finance, and market developments. Sam is passionate about making complex topics more accessible to everyday readers and continues to expand his knowledge through research, trading experience, and industry engagement.

See Full Bio