In the cryptocurrency industry, a Pump.fun user has gained attention by creating nearly 18,000 meme coins in recent months, amassing at least $3.7 million. The platform has sparked discussions regarding its role in this activity.
The Meme Coin Minting Process
An anonymous user, known by the wallet 0x818a…aJa13N, displayed relentless activity by minting an average of 12 coins per hour. This fueled speculation about whether they used bots or operated manually. Crypto researcher Conor Grogan suggested the user might be operating manually, given their account was inactive during certain hours. Over the months, 17,768 tokens were created, with only 2,186 currently active. Despite this, they achieved a 55.57% success rate, earning $3.7 million.
The History and Controversies of Pump.fun
Pump.fun has previously been under scrutiny for its users' behavior. Last November, the platform suspended its livestreaming feature after creators made disturbing videos to make their coins viral and increase their value, reducing token generation by 50% and dropping revenue by over $22 million.
Incidents and Fraud
Some bad actors utilize the platform for scams, creating fake cryptocurrencies and hacking celebrities' accounts to promote them. In the latest incident, Breaking Bad actor Dean Norris's account was used to promote a meme coin, which surged its market cap to $8.4 million before scammers exited with liquidity, plummeting its value to $53,000.
Pump.fun continues to attract attention as a venue for minting meme coins and the controversies that arise from this process. The anonymous user exemplifies both the potential profits and risks for participants in such activities.
