Popular meme coin platform Pump.fun has announced its plans for an upcoming token release and “Pump Advance,” a new trading terminal.
The team responsible for Pump.fun, a well-known memecoin deployment platform on the Solana network, recently disclosed a forthcoming token release and a recently enhanced trading terminal, “Pump Advance,” at the X Spaces event on October 19.
The Pump team did not provide a timeline for the future token launch. Nevertheless, additional details regarding the Pump Advanced platform were recently disclosed.
According to the announcement, Pump Advance is equipped with mini-charts, data on top holders, and social indicators to assist traders in navigating the millions of memecoins that are presently competing for attention. Additionally, the team presented enhanced login security options through Privy and announced 0% fees for the initial month.
Memecoins have elicited a variety of responses from the crypto community. Some industry thought leaders, such as Murad Mahmudov, have argued that memecoins offer a legitimate use case for crypto by eliminating the speculation premium from altcoins. In contrast, the esteemed Jimmy Song maintains that memecoins are the epitome of speculative wagering and are a net negative for investors.
Pumping.Putting fun’s memecoins into perspective
Approximately 98.5% of potential memecoins on the Pump were identified by Dune analytics data. The fun platform was never effectively launched due to its listing on Raydium, a popular decentralized trading protocol on the Solana network.
In August 2024, the Pump team announced a $80 incentive for token creators to successfully list their tokens on Raydium and complete the bonding curve to address the high number of failed token launches and potentially prevent rug grabs.
The platform’s critics have noted that the probability of selecting effective memecoins on Pump.fun is lower than the probability of winning roulette. A memecoin trader described the platform as a “slaughterhouse” and estimated the likelihood of selecting a victor at approximately 0.12%.
The Pump.fun platform attracts users and maintains a substantial transaction volume despite the high degree of failure and botched token launches.
The memecoin deployment platform generated over $5.3 million in revenues in a single day on August 13, 2024, surpassing the combined revenue of the 24 most extensive protocols during the same timeframe.
