pumpfun ico mania：钱包恶作剧和怀疑论的兴起

Pumpfun的ICO在几分钟之内就售罄，但不寻常的钱包活动和日益增长的怀疑论提出了有关其4B美元估值和长期可行性的疑问。

Pumpfun ICO Mania: Wallet Shenanigans and the Rise of Skepticism

pumpfun ico mania：钱包恶作剧和怀疑论的兴起

Pumpfun's record-breaking ICO was marred by suspicious wallet activity, while its $4 billion valuation faces growing scrutiny. Is this the future of memecoins, or just another flash in the pan?

Pumpfun创纪录的ICO受到可疑钱包活动的破坏，而其40亿美元的估值面孔的审查越来越大。这是Memecoins的未来，还是Pan中的另一个闪光灯？

The Pumpfun ICO: A Quick Sell-Out and Suspicious Activity

Pumpfun ICO：快速售罄和可疑活动

On July 12th, the Pumpfun ICO was the talk of the town, selling out in a mere 12 minutes and raising over $500 million on-chain, plus an additional $100 million through centralized exchanges. Over 10,000 wallets participated, with a median buy-in of $537. But beneath the surface of this success story, some unusual patterns emerged. One wallet funded 500 different addresses, each receiving $400 in USDC and 0.05 SOL for gas. These wallets then participated in the ICO, collectively purchasing $200,000 in PUMP tokens. Was this a whale trying to game the system, or something more sinister?

7月12日，Pumpfun ICO是该镇的话题，仅在12分钟内售罄，并筹集了超过5亿美元的链子，再加上集中式交易所再增加了1亿美元。超过10,000个钱包参加了比赛，中位数为537美元。但是在这个成功故事的表面之下，出现了一些不寻常的模式。一个钱包资助了500个不同的地址，每个地址都收到400美元的USDC和0.05 Sol的气体。然后，这些钱包参加了ICO，共同购买了200,000美元的泵代币。这是试图玩系统的鲸鱼还是更险恶的东西？

Wallet Wizardry: Bypassing the System?

钱包巫师：绕过系统？

On-chain data revealed a clear sequence: stablecoins withdrawn from exchanges, evenly distributed to 500 wallets, SOL sent for gas, and each wallet contributing exactly $400 to the ICO. This orchestrated effort, using older wallets, could have bypassed anti-Sybil heuristics designed to flag new or recently funded addresses. The same network had previously been used to spoof holder counts in other memecoins, raising concerns about manipulation.

链上的数据显示了一个明确的序列：从交换中撤回的稳定币，均匀分布到500个钱包，SOL送来燃气，每个钱包为ICO贡献了400美元。这项精心策划的努力使用较旧的钱包，可以绕过旨在标记新或最近资助的地址的反犹太启发式启发式方法。以前，同一网络已被用来欺骗其他模因中的持有人计数，从而引起了人们对操纵的担忧。

Airdrop Speculation or Market Manipulation?

气流猜测还是市场操纵？

Some speculate that the orchestrator might have been angling for future airdrops or bonuses intended for smaller buyers. By splitting a $200k allocation into hundreds of sub-$500 entries, they could appear as 500 unique participants. While Pumpfun isn't implicated in this behavior, it highlights the challenges of maintaining fairness in DeFi launches. Strong Sybil resistance is crucial to prevent sophisticated actors from gaming the system.

有些人推测，编排者可能会为未来的气水或奖金而倾向于较小的买家。通过将20万美元的分配分为数百美元低于500美元的条目，它们可能会出现为500个独特的参与者。尽管PumpFun没有与这种行为有关，但它突出了保持Defi发射中公平性的挑战。强大的Sybil耐药性对于防止成熟的参与者游戏系统至关重要。

Skepticism Surrounds Pumpfun's $4 Billion Valuation

怀疑论围绕Pumpfun的40亿美元估值

Adding to the intrigue, BitMart Research released an analysis questioning Pumpfun's $4 billion valuation. Despite dominating the Solana meme token launch sector, Pumpfun faces growing competition and weakening user sentiment. The newly launched PUMP token, lacking governance, utility, or fee-sharing, has sparked controversy over its long-term viability, especially with a fully unlocked $1.32 billion fundraising tranche.

Bitmart Research加剧了阴谋，发表了一项分析，质疑Pumpfun的40亿美元估值。尽管在Solana Meme代币发射领域中占据主导地位，但Pumpfun仍面临越来越多的竞争和削弱用户情绪的竞争。新推出的泵代币缺乏治理，公用事业或收费分担，引发了其长期生存能力的争议，尤其是完全解锁的13.2亿美元筹款筹款公司。

The Rise of Competitors and Tokenomics Concerns

竞争对手和代币学问题的兴起

Pumpfun's revenue, user activity, and market share have declined, while competitors like letsbonk.fun have gained ground. Critics argue the PUMP token lacks real utility, fearing a liquidity exit rather than a long-term plan. While Pumpfun still leads in market share, its dominance is threatened by competitors and structural weaknesses in its tokenomics. Unlike BONK and JUP, PUMP lacks intrinsic value, making it difficult to incentivize long-term holding.

Pumpfun的收入，用户活动和市场份额有所下降，而Letsbonk.Fun等竞争对手已经获得了基础。评论家认为，泵令牌缺乏真正的效用，担心流动性退出而不是长期计划。尽管PumpFun仍然领先于市场份额，但其主导地位受到竞争对手和标记学的结构弱点的威胁。与Bonk和Jup不同，泵缺乏内在价值，因此很难激励长期持有。

The Future of Pumpfun: A Balancing Act

Pumpfun的未来：平衡行为

Pumpfun's future hinges on its ability to build a stronger token value proposition and regain market trust. The initial pressure from the unlocked tokens, combined with a weak altcoin environment, presents significant challenges. Will they adapt, or will they fade into the memecoin sunset?

Pumpfun的未来取决于其建立更强大的令牌价值主张并重新获得市场信任的能力。解锁令牌的初始压力加上较弱的Altcoin环境，提出了重大挑战。他们会适应吗，还是会淡入纪念日的日落？

The Bottom Line

底线

The Pumpfun ICO saga serves as a cautionary tale, highlighting both the potential and the pitfalls of the DeFi space. It's a wild west out there, folks! So, buckle up, do your research, and remember, in the world of crypto, even the most hyped launches can have a few skeletons in the wallet. Keep your eyes peeled and your wits about you—it's gonna be a fun ride!

Pumpfun ICO传奇是一个警示性的故事，强调了Defi空间的潜力和陷阱。伙计们，这是一个狂野的西部！因此，系好工作，进行研究，并记住在加密货币世界中，即使发射最多的发射也可以在钱包里有一些骨架。保持眼睛剥落和智慧，这将是一个有趣的旅程！