On-chain data circulating on X shows that over 95% of Pump.fun users lose money when trading meme coins, reflecting a high level of risk and speculative nature. Although this figure may be exaggerated, previous reports still indicate that at least 50.6% of wallets are in loss, with only two wallets making over $1 million in profit.
In response, co-founder Alon announced an update to limit manipulative behaviors such as “vamping” (selling tokens to boost demand) and “griefing” (disrupting and eroding trust). Specifically, the issuer is only allowed to change the fee distribution mechanism once; afterward, the setup will be fixed unless approved through a more complex governance process. Current tokens are also being adjusted accordingly.
While transparency has improved, core issues like oversupply, insider advantages, and rapid liquidity withdrawals remain unresolved.
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