Solana memecoin deployer pump.fun has recently caused a stir, with critics on social media claiming that it makes memecoins more dangerous and dilutive than they have been in the past.
Since its launch in January, 1.7 million new tokens have been issued on the memecoin deployer, with less than 1.5% of them having a total value of more than $63,000.
Separate recent data shows that 60% of pump.fun traders lose money on the platform, while only 3% of all traders have netted more than $1,000.
However, there is still debate about the accuracy of this data, with some claiming that it does not take into account realized gains.
Kremer's criticism also comes amid a sharp drop in Solana-based memecoin trading volume, with trading volumes falling 80% in the past two weeks.
In addition, a new report from CoinShares shows that outflows from Solana exchange-traded products reached a record $39 million last week.
