So-called fair launches are often decided before trading even begins.
Researchers from EPFL, ETH Zurich, and Carnegie Mellon analyzed about 15.2 million coins launched on Pump.fun during its first two years: the top 1% of creator addresses accounted for about 39%. When addresses were grouped into clusters based on their funding sources, the top 1% of clusters accounted for 53% to 59%. Roughly one in ten coins was a copy with a new coat of paint—its name, symbol, image, and description all copied.
A million new tickers don’t mean a million independent operators. Factory wallets cultivate the attention first, then retail traders come in to take the baton. The platform earns launch and trading fees; it doesn’t care which factory’s assembly line you’re buying into.
Next time you hear “anyone can launch a coin,” ask one thing first: who’s launching them in bulk?
#Pumpfun #MEME
Researchers from EPFL, ETH Zurich, and Carnegie Mellon analyzed about 15.2 million coins launched on Pump.fun during its first two years: the top 1% of creator addresses accounted for about 39%. When addresses were grouped into clusters based on their funding sources, the top 1% of clusters accounted for 53% to 59%. Roughly one in ten coins was a copy with a new coat of paint—its name, symbol, image, and description all copied.
A million new tickers don’t mean a million independent operators. Factory wallets cultivate the attention first, then retail traders come in to take the baton. The platform earns launch and trading fees; it doesn’t care which factory’s assembly line you’re buying into.
Next time you hear “anyone can launch a coin,” ask one thing first: who’s launching them in bulk?
#Pumpfun #MEME