👀Report Finds 99% of PumpFun Memecoins Are Scams or Rug Pulls

gm Defiers!

The crypto market started the week in red as total market capitalization is down nearly 4% to $3.39 trillion.

Bitcoin (BTC) is currently down 3%, hovering around the $101,000 mark. Meanwhile, XRP is the only major coin to record gains in the past 24 hours, up 6.4% to $2.41.

In other news, CryptoPunks reclaim the $100K mark while the broader NFT market suffers.

Additionally, a new report by Solidus Labs finds that 99% of memecoins launched on Pump.fun are scams or rug pulls.

✍️ In today’s newsletter:

‘Alarming’ report finds 99% of memecoin launches on PumpFun are scams or rug pulls
PumpSwap TVL breaks $100M driven by memecoin comeback
CryptoPunks reclaim $100K
Unichain leads Uniswap v4 activity with rollup-boost feature
What’s next for crypto regulation in the US following GENIUS Act?
Memecoins surge as traders lose patience with Pump.fun

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👀‘Alarming’ 99% of Memecoin Launches on PumpFun are Pump-and-Dumps or Rug Pulls: Report

Nearly 99% of memecoin launches on Solana’s PumpFun are scams, and 93% of Raydium pools show similar signs, according to Solidus Labs. Though many of these scams involve small sums, the report noted that the sheer volume poses “serious risks.”

💸Pump.fun DEX PumpSwap TVL Breaks $100M Driven By Memecoin Comeback

Launched by Pump.fun less than two months ago, solana-based DEX Pumpswap has topped $100 million in TVL and $18 billion in volume, defying claims that the memecoin boom is over.

💰CryptoPunks Reclaim $100,000 and XCOPY Edition Sells for $1.2 Million

While most of the NFT market remains sluggish, CryptoPunks have reclaimed the $100,000 mark thanks to ETH’s rally. Meanwhile, artist XCOPY’s work also saw a resurgence after a $1.2 million sale of “Last Selfie.”

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