🔫Scof who got caught in the crossfire💀, ChainCatcher

Just now, pump.fun co-founder Alon posted a message saying that the official X account of pump.fun was stolen and the fraudulent token "PUMP" was released

Author: 🔫Scof who got caught in the crossfire💀, ChainCatcher

Editor: TB, ChainCatcher

Pump's bullet hit him right between the eyebrows

Just now, pump.fun co-founder Alon posted a message saying that the official X account of pump.fun was stolen and the fraudulent token "PUMP" was released, reminding users to pay attention to the risks.

As the most active meme coin launch platform in the Solana ecosystem, Pump.fun once became a myth of wealth creation for retail investors with its two-stage mechanism of "internal incubation + external explosion". The token first accumulates liquidity through the Bonding Curve mechanism within the platform. When the transaction volume exceeds the threshold of 69,000 US dollars, it automatically migrates to the top DEX Raydium to establish a capital pool, completing the closed loop from project launch to market speculation. This set of precisely designed rules is running wildly in 2024:

From April 1 last year to date, the tokens launched from pump.fun have contributed $346 billion in trading volume to Raydium, accounting for half of the capital traffic of the DEX. Of the $197 million in fees collected by the platform, $104 million came from pump.fun transactions.

However, when celebrities such as Trump entered the market with "flash" tokens (such as TRUMP and MELANIA), this game of passing the parcel began to reveal the naked logic of harvesting. On-chain data shows that more than 70% of meme coins showed a trend of "peaking as soon as the pool was established" during the external market stage, with an average survival time of less than 48 hours.

The more dangerous signal comes from the overall retreat of liquidity. On February 24, only one of the graduated tokens of Pump.fun barely broke through one million US dollars in market value, and the on-chain speculation craze has almost frozen. The transaction depth of Raydium's meme coin has shrunk by more than 90% from its peak, and the net outflow of Solana's on-chain stablecoin market value has exceeded US$1 billion in the past 30 days, setting a record for the largest capital loss since the collapse of FTX.

This collapse is not accidental. When the project owners, trading platforms and celebrities form a "harvesting iron triangle", and when the mathematical model of Bonding Curve becomes a pumping tool, the confidence of retail investors has long been exhausted in the drama of "opening and crashing the market". The failure of Pump.fun is not only a microcosm of the Solana ecosystem liquidity crisis, but also a cruel interrogation of the meme narrative by the entire crypto world - when the bubble recedes and the carnival ends, who will clean up the mess of capital?

SOL has fallen more than 50% from its high point, and the ecosystem is in a downturn

As one of the most outstanding public chain tokens in 2024, Solana has been advancing by leaps and bounds on the back of Pump and meme, with an increase of nearly 200% throughout the year.

But since Trump released the token on Solana on January 18, this wave seems to have finally been washed ashore: the price of SOL first hit a record high of US$295 on January 19, and then turned sharply downward, with a drop of more than 50% at one point.

There are only three days left until the largest token unlocking in Solana's history (worth $2 billion). By then, 11.2 million SOLs will be unlocked and put into circulation, most of which will be purchased from the FTX auction at a cost of $64, which may also create a huge selling pressure.

In addition to the poor performance of token prices, according to data from Deflama, the TVL of the Solana ecosystem has dropped from a peak of US$12.19 billion to US$7.22 billion today, and daily transaction fee income has also been decreasing.

Moreover, Solana ecosystem’s 24-hour net inflow data showed that $260 million flowed out on January 18 and 19 alone, and the inflow of funds has continued to decrease since then, less than in previous pump periods.

Not only that, a series of other indicators are not optimistic either. The performance of Solana's mainstream protocol token has also shown a downward trend in the past seven days:

Overall, the ecological situation is in a state of "when the tree falls, the monkeys scatter".

This also begs the question: Is Solana’s story over?

Solana labs co-founded Toly, and is also afraid of collapse!

Faced with the risk of token price collapse, the Solana ecosystem is experiencing the greatest fear, uncertainty, and FUD since the FTX crash. Analysts have