Memecoin traders blame snipers and KOLs. On-chain researchers Sparsity blame the fee meter.
Popular view: the trenches are dead because of bundlers and paid callers.
The data points one level up, at the launchpad (Sparsity, data as of Nov 9):
• 95% of Pump.fun's protocol revenue comes from tokens still on the bonding curve or under a $250K market cap
• About 75% comes from tokens less than an hour old
• 15 of the biggest runners (combined $1.4B peak cap) paid it roughly $1.5M in fees. Small tokens paid $506M
• Q3 2026: 3.05M launches, 24 reached $10M. Q4 2024: 3.16M launches, 207 did
Issuing is paid whether a coin lives or not. Holding isn't. That may be the real mechanism, not just a few bad actors.
Counterpoint: a fee design only explains supply. Demand also depends on risk appetite, and it's thin everywhere right now. Which matters more for $PUMP and $SOL memes, the platform's incentives or the market's mood?
#PumpFun #Memecoins #Solana
Disclosure: I can earn Binance Write to Earn rewards from this post.
Popular view: the trenches are dead because of bundlers and paid callers.
The data points one level up, at the launchpad (Sparsity, data as of Nov 9):
• 95% of Pump.fun's protocol revenue comes from tokens still on the bonding curve or under a $250K market cap
• About 75% comes from tokens less than an hour old
• 15 of the biggest runners (combined $1.4B peak cap) paid it roughly $1.5M in fees. Small tokens paid $506M
• Q3 2026: 3.05M launches, 24 reached $10M. Q4 2024: 3.16M launches, 207 did
Issuing is paid whether a coin lives or not. Holding isn't. That may be the real mechanism, not just a few bad actors.
Counterpoint: a fee design only explains supply. Demand also depends on risk appetite, and it's thin everywhere right now. Which matters more for $PUMP and $SOL memes, the platform's incentives or the market's mood?
#PumpFun #Memecoins #Solana
Disclosure: I can earn Binance Write to Earn rewards from this post.