加密社群批評 Meme Coin 平台 Pump.Fun

模因幣產業是實現持續成功最具挑戰性的市場之一。據研究，在超過 170 萬個模因幣中

The meme coin sector is presenting itself to be one of the most challenging markets for achieving sustained success, as new data reveals the staggering odds. According to research, out of the more than 1.7 million meme coins that were launched on Pump.fun, only 15 managed to maintain a market capitalization of over $10 million for multiple weeks. This translates to a success rate of merely 0.0001%.

隨著新數據顯示出驚人的可能性，迷因幣產業正在成為持續成功最具挑戰性的市場之一。根據研究，在 Pump.fun 上發行的超過 170 萬個 meme 幣中，只有 15 個能夠在幾週內保持超過 1000 萬美元的市值。這意味著成功率僅為 0.0001%。

As Pump.fun continues to amass millions in revenue, the minimal benefits it delivers to its average user have not gone unnoticed by the crypto community, which has been left largely unimpressed.

隨著 Pump.fun 繼續累積數百萬美元的收入，它為普通用戶帶來的最小好處並沒有被加密社群忽視，加密社群基本上對此不以為然。

NewtonEinstein, a pseudonymous meme coin analyst, has observed that tokens not affiliated with Pump.fun, particularly those with low burned liquidity pools, tend to perform better due to less fragmented liquidity environments. He predicts a forthcoming market shift favoring these independent coins.

NewtonEinstein 是一位假名meme 代幣分析師，他觀察到，與Pump.fun 無關的代幣，尤其是那些流動性池消耗率較低的代幣，由於流動性環境碎片化程度較低，往往會表現更好。他預測即將到來的市場轉變將有利於這些獨立硬幣。

Further data showcases the rarity of success within the Pump.fun meme coins. Only 41 meme coins sustained a market capitalization exceeding $1 million for several weeks, representing just 0.0002% of all tokens launched. Moreover, only 141 of these tokens, or 0.008%, appear on major data aggregator platforms like CoinGecko. This highlights the immense difficulty of gaining visibility in such a saturated market.

進一步的數據顯示了 Pump.fun meme 硬幣成功的罕見性。只有 41 個 Meme 幣的市值連續幾週保持超過 100 萬美元，僅佔所有發行代幣的 0.0002%。此外，這些代幣中只有 141 個（即 0.008%）出現在 CoinGecko 等主要資料聚合平台上。這凸顯了在如此飽和的市場中獲得知名度的巨大困難。

"Pump.fun killed meme coins," said crypto trader Ran Neuner.

「Pump.fun 殺死了 meme 幣，」加密貨幣交易員 Ran Neuner 說。

Describing the platform, MrPunk.eth, a vocal critic, labels Pump.fun as a “slaughterhouse” for investors' hopes. Over the last 24 hours alone, more than 16,357 tokens were launched, yet only 175 reached the decentralized exchange Raydium. Additionally, just 19 of these stayed above a market capitalization of $69,000. Another user, Bastille, starkly summarized the platform's unfavorable odds.

在描述該平台時，直言不諱的批評者 MrPunk.eth 將 Pump.fun 稱為投資者希望的「屠宰場」。僅在過去 24 小時內，就推出了超過 16,357 個代幣，但只有 175 個代幣到達了去中心化交易所 Raydium。此外，其中只有 19 家公司的市值保持在 69,000 美元以上。另一位用戶 Bastille 鮮明地總結了平台的不利優勢。

"Pumpfun gambling is legit the worst odds out of any gambling game. [It’s] better to just go to the casino," said Bastille.

「Pumpfun 賭博確實是所有賭博遊戲中賠率最低的。[最好] 直接去賭場，」巴士底說。

The platform recently implemented a policy change that has added fuel to the fire. Previously, users were required to pay a nominal $2 fee per coin to launch their meme coins. Now, however, the platform allows users to launch their coins for free, with the fee being charged to the first buyer instead. This shift in strategy aims to remove financial barriers for creators and includes a reward mechanism where developers receive 0.5 Solana (SOL) once their coin completes its bonding curve.

該平台最近實施的一項政策變更是火上加油。此前，用戶需要為每個代幣支付象徵性的 2 美元費用才能推出他們的迷因代幣。然而現在，該平台允許用戶免費發行他們的代幣，費用則由第一個買家收取。這項策略轉變旨在消除創作者的財務障礙，並包括獎勵機制，一旦他們的代幣完成其聯合曲線，開發者將獲得 0.5 Solana (SOL)。

Pump.fun also claims to be beta testing a “pump fun mechanism” that reduces the migration fee to 1.5 SOL. The objective is to encourage developers to fully integrate their coins into the market, regardless of their ongoing investment. However, this update has not been without its detractors, who argue that eliminating the creation fee could lead to an influx of low-quality meme coins, potentially diluting the market further.

Pump.fun 還聲稱正在測試“pump fun 機制”，該機制可將遷移費用降低至 1.5 SOL。目的是鼓勵開發商將他們的代幣完全融入市場，無論他們正在進行的投資如何。然而，這項更新也並非沒有批評者，他們認為取消創建費可能會導致低品質的迷因幣湧入，從而可能進一步稀釋市場。

Sapijiju, a pseudonymous executive at Pump.fun, defended the policy. "Our thesis is that the more coins/content that is created, the higher the likelihood that there will be something worth consuming and fun to trade for our customers. To everyone stressing over-saturation or blaming increased coin launches – you are actually blaming the wrong thing. The way we fix this is by working on discovery. By doing that, we can remove the problems of bad actors, duplicate coins, bump bots—literally everything that is causing problems on Pump for you guys right now,” said Sapijiju.

Pump.fun 的匿名高管 Sapijiju 為這項政策進行了辯護。 「我們的論點是，創建的硬幣/內容越多，為我們的客戶提供值得消費和交易的東西的可能性就越大。對於每個強調過度飽和或歸咎於硬幣發行增加的人來說，您實際上是在歸咎於我們解決這個問題的方法是透過努力發現，透過這樣做，我們可以消除不良行為者、重複硬幣、碰撞機器人的問題——實際上是現在為你們帶來Pump 問題的所有問題。

Despite the backlash, many degens continue to engage with the platform, perhaps driven by the thrill of the gamble. Since its launch, Pump. Fun has amassed nearly $90 million in cumulative revenue, making it one of the most successful applications in the crypto ecosystem. As the platform seeks to address user concerns, the ultimate viability of meme coins remains an open question.

儘管遭到強烈反對，許多德根人仍繼續參與該平台，也許是受到賭博刺激的驅使。自推出以來，泵浦。 Fun 已累積了近 9000 萬美元的累積收入，使其成為加密生態系統中最成功的應用程式之一。當該平台尋求解決用戶擔憂時，模因幣的最終生存能力仍然是一個懸而未決的問題。