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Pump.fun, a wildly popular memecoin launcher for Solana's degens, has found plenty of new critics this week who fear its newly updated token launching mechanics have taken all of the fun out of betting on memecoins.
In its young lifespan, Pump has helped users create nearly two million unique memecoins, and while 99.99% of these have failed to gain any meaningful value, the activity has made the Pump team rich. They've hauled in $100M in fee revenue since the platform took off in March.
Their success has been compounding. The platform recently removed the $2 fee to create a memecoin, passing the fee onto the first buyer of the coin (which is more often than not a bot). This shift has led to an explosion in new coins hitting the platform, rampant speculation, and record fees for Pump, which nabbed $5.3 million in fees in a single 24-hour period this week.
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