加密社区批评 Meme Coin 平台 Pump.Fun

模因币行业是实现持续成功最具挑战性的市场之一。据研究，在超过 170 万个模因币中

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%.

随着新数据显示出惊人的可能性，模因币行业正在成为实现持续成功最具挑战性的市场之一。根据研究，在 Pump.fun 上发行的超过 170 万个 meme 币中，只有 15 个能够在数周内保持超过 1000 万美元的市值。这意味着成功率仅为 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.

随着 Pump.fun 继续积累数百万美元的收入，它为普通用户带来的最小好处并没有被加密社区忽视，加密社区基本上对此不以为然。

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 代币分析师，他观察到，与 Pump.fun 无关的代币，尤其是那些流动性池消耗率较低的代币，由于流动性环境碎片化程度较低，往往会表现更好。他预测即将到来的市场转变将有利于这些独立硬币。

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.

进一步的数据显示了 Pump.fun meme 硬币成功的罕见性。只有 41 个 Meme 币的市值连续几周保持超过 100 万美元，仅占所有发行代币的 0.0002%。此外，这些代币中只有 141 个（即 0.008%）出现在 CoinGecko 等主要数据聚合平台上。这凸显了在如此饱和的市场中获得知名度的巨大困难。

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

“Pump.fun 杀死了 meme 币，”加密货币交易员 Ran Neuner 说道。

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.

在描述该平台时，直言不讳的批评者 MrPunk.eth 将 Pump.fun 称为投资者希望的“屠宰场”。仅在过去 24 小时内，就推出了超过 16,357 个代币，但只有 175 个代币到达了去中心化交易所 Raydium。此外，其中只有 19 家公司的市值保持在 69,000 美元以上。另一位用户 Bastille 鲜明地总结了该平台的不利优势。

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

“Pumpfun 赌博确实是所有赌博游戏中赔率最低的。[最好] 直接去赌场，”巴士底说。

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.

该平台最近实施的一项政策变化更是火上浇油。此前，用户需要为每个代币支付象征性的 2 美元费用才能推出他们的模因代币。然而现在，该平台允许用户免费发行他们的代币，费用则由第一个买家收取。这一战略转变旨在消除创作者的财务障碍，并包括奖励机制，一旦他们的代币完成其联合曲线，开发者将获得 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 还声称正在测试“pump fun 机制”，该机制可将迁移费用降低至 1.5 SOL。目的是鼓励开发商将他们的代币完全融入市场，无论他们正在进行的投资如何。然而，这一更新也并非没有批评者，他们认为取消创建费可能会导致低质量的模因币涌入，从而可能进一步稀释市场。

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 为这项政策进行了辩护。 “我们的论点是，创建的硬币/内容越多，为我们的客户提供值得消费和交易的东西的可能性就越大。对于每个强调过度饱和或归咎于硬币发行增加的人来说，您实际上是在归咎于我们解决这个问题的方法是通过努力发现，通过这样做，我们可以消除不良行为者、重复硬币、碰撞机器人的问题——实际上是现在为你们带来 Pump 问题的所有问题。” 。

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.

尽管遭到强烈反对，许多德根人仍然继续参与该平台，也许是受到赌博刺激的驱使。自推出以来，泵。 Fun 已积累了近 9000 万美元的累计收入，使其成为加密生态系统中最成功的应用程序之一。当该平台寻求解决用户担忧时，模因币的最终生存能力仍然是一个悬而未决的问题。