Pump.fun & Memecoins - AKA: shitcoin maker for retards and rugpullers, powered by who else? Solana...

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Some Asian dude got President Milei (of Argentina) to promote his memecoin ($LIBRA) which he seems to have tried to frame as a token to support small businesses and then allegedly rugged it. This supposedly caused severe price and liquidity fluctuations within the rest of the cryptocurrency and memecoin market and lead President Milei to issue a statement saying:
"I was not aware of the details of the project and after having become aware of it I decided not to continue spreading the word (that is why I deleted the tweet).
  • $TRUMP lost $500m in market cap after this project was launched.
  • More than 50k wallets became holders of $LIBRA within 2 hours of it's launch.
  • $6+ billion of market cap has been erased over the last 3 hours across the market.
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Wallet where tokens were extracted to: https://solscan.io/account/61yKS9bjxWdqNgAHt439DfoNfwK3uKPAJGWAsFkC5M4C?value=10&value=0#transfer
 
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Dr. Ricearoni said:
That shit crashed like immediately, I doubt anyone got out ok on that.
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No it didn't. It's been up and down but nowhere near the peak.
When something crashes immediately the chart looks very different.
 
Dr. Ricearoni said:
View attachment 6986199
I don't know what a crash looks like I guess but if nothing else it's at the very least a fender bender
Edit: wait a minute...

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Saddam Hussein?
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Generally a total crash/rugpull will mean the price basically literally zeroes and all liquidity is drained. The current price/market cap of $TRUMP is still $3.75b USD making it the 33rd largest cryptocurrency by market cap. The amount traded each day is also relatively very high to its market cap.

The current price is still 200% higher than it's lowest price ($6.24).
 
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TheCuntler said:
I mean, it wasn't a full out crash, but a steady decline with only one small bump yesterday (which collapsed back immediately)



True, but that's kind of a cope.
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Both are true but given the distribution/vesting period will take 3 years and Trump's presidency will last for 4 years it is a little too early to tell whether it will fade into irrelevancy or not.
If it were a normal stock and the price were tied to actual market performance or deliverables or subscribers or some shit then it'd make more sense, but since it's a memecoin none of the normal rules really apply.
 
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neger psykolog said:
Some Asian dude got President Milei (of Argentina) to promote his memecoin ($LIBRA) which he seems to have tried to frame as a token to support small businesses and then allegedly rugged it. This supposedly caused severe price and liquidity fluctuations within the rest of the cryptocurrency and memecoin market and lead President Milei to issue a statement saying:
"I was not aware of the details of the project and after having become aware of it I decided not to continue spreading the word (that is why I deleted the tweet).
  • $TRUMP lost $500m in market cap after this project was launched.
  • More than 50k wallets became holders of $LIBRA within 2 hours of it's launch.
  • $6+ billion of market cap has been erased over the last 3 hours across the market.
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View attachment 6986016

Wallet where tokens were extracted to: https://solscan.io/account/61yKS9bjxWdqNgAHt439DfoNfwK3uKPAJGWAsFkC5M4C?value=10&value=0#transfer
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Great find. The wallet transactions for LIBRA are insane.

The wallet you linked 61yKS9bjxWdqNgAHt439DfoNfwK3uKPAJGWAsFkC5M4C:
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There are too many high-value transactions to make notes of. I recommend just skimming through these.

5fnahDWBtUB8QBTXWHm2QzfAoAVHToxvMf38i3a7okGe:
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8NScYncjpY1mKrbxVJFFdVqNPEocyXTnQqy9GW1hg4j3:
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EFrg9SXbnCfuVqJPJf2hKKY3CtTPLHvipEpgrHjBkb4L
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They all received money from BzzMNvfm7T6zSGFeLXzERmRxfKaNLdo4fSzvsisxcSzz:
I don't know what this account is.
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A third of the supply is still held by the owner.
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With another ~1/3 held in DefcyKc4yAjRsCLZjdxWuSUzVohXtLna9g22y3pBCm2z. I don't know what $YUYITO is, but dude is a billionaire from this token, I guess.
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Dr. Ricearoni said:
That shit crashed like immediately, I doubt anyone got out ok on that.
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It's on a downward trend but hasn't crashed yet. There should be an increase in supply in a few months, which may affect the price, though.
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Now, this is a crash-and-burn. It hasn't turned to ash since some life remains, but it's on its way.
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neger psykolog said:
Both are true but given the distribution/vesting period will take 3 years and Trump's presidency will last for 4 years it is a little too early to tell whether it will fade into irrelevancy or not.
If it were a normal stock and the price were tied to actual market performance or deliverables or subscribers or some shit then it'd make more sense, but since it's a memecoin none of the normal rules really apply.
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With how well Trump started his presidency and how celebrated it was, his coin should have shot into the stratosphere. I think it has pretty much severed it's connection with how well Trump will do in office. This doesn't mean with Trump, just to be clear. Should he get shot for example, it would probably shoot (haha) back into the top 10.
 
TheCuntler said:
With how well Trump started his presidency and how celebrated it was, his coin should have shot into the stratosphere. I think it has pretty much severed it's connection with how well Trump will do in office. This doesn't mean with Trump, just to be clear. Should he get shot for example, it would probably shoot (haha) back into the top 10.
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It's possible but "shot into the stratosphere" is actually exactly what it did - it got a fucking insane market cap based off of literally nothing and then semi-imploded on itself because it has no actual product or utility.

The problem with going stratospheric is that it is difficult, if not impossible to maintain a price that high, even if it has actual utility. This is simply because tons of early birds who bought for $6 are going to sell when they've made literally 10 times what they put in. Beside that there's always tons of market manipulation going on (even for "fair" projects).

Bitcoin has reached what can only be called stratospheric prices like 100 times and also had 100 subsequent crashes (although compared to $TRUMP most people see Bitcoin as being impacted by miner's rewards, global instability = higher price, geopolitical tension as well as global economic sickness or health - such as interest rate changes)
 
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neger psykolog said:
It's possible but "shot into the stratosphere" is actually exactly what it did - it got a fucking insane market cap based off of literally nothing and then semi-imploded on itself because it has no actual product or utility.

The problem with going stratospheric is that it is difficult, if not impossible to maintain a price that high, even if it has actual utility. This is simply because tons of early birds who bought for $6 are going to sell when they've made literally 10 times what they put in. Beside that there's always tons of market manipulation going on (even for "fair" projects).

Bitcoin has reached what can only be called stratospheric prices like 100 times and also had 100 subsequent crashes (although compared to $TRUMP most people see Bitcoin as being impacted by miner's rewards, global instability = higher price, geopolitical tension as well as global economic sickness or health - such as interest rate changes)
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It kind of makes me sad. You had something as good as crypto, and instead of it being a good replacement of currency. To get around harsh payment censorship and help a guy out. It is now a just a fucking zoo of rug pulls, investment scams and internet influencer cancel bait. Back in the early days, people said you could pay for walmart shit with bitcoin and crypto. Now it is just another bullshit for people who think they are too good for Vegas casinos.
 
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just Reading a post said:
It kind of makes me sad. You had something as good as crypto, and instead of it being a good replacement of currency. To get around harsh payment censorship and help a guy out. It is now a just a fucking zoo of rug pulls, investment scams and internet influencer cancel bait. Back in the early days, people said you could pay for walmart shit with bitcoin and crypto. Now it is just another bullshit for people who think they are too good for Vegas casinos.
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That's an unfortunate property of making it completely decentralized and "free" from governments and corporations. Anyway, not all projects are bad IMHO but the ones that aren't bad easily get overshadowed by shit like this.
 
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neger psykolog said:
That's an unfortunate property of making it completely decentralized and "free" from governments and corporations. Anyway, not all projects are bad IMHO but the ones that aren't bad easily get overshadowed by shit like this.
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At least the good ones seem more stable nowadays, at least for crypto. A handful of them have managed to get established and be used as actual currency, all be it to a smaller degree. I bought server space with monero, which was awesome!
 
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TheCuntler said:
At least the good ones seem more stable nowadays, at least for crypto. A handful of them have managed to get established and be used as actual currency, all be it to a smaller degree. I bought server space with monero, which was awesome!
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For every 10 you/I/most people know there are 100 out there still in active development or pre-launch or even silent development (and no that doesn't include memecoins at all). There really is some interesting stuff out there that is fairly obscure and difficult to understand that goes far beyond "I can use this to pay for stuff".
 
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neger psykolog said:
That's an unfortunate property of making it completely decentralized and "free" from governments and corporations. Anyway, not all projects are bad IMHO but the ones that aren't bad easily get overshadowed by shit like this.
Click to expand...
It is always is that problem. Why is it that the good ones never out talk the bad ones? The odds of investing in to a good one, seem the same as buying a scratch card. The scratch cards seems to have better odds at this point even. Every time crypto even gets mentioned is when a rug pull, investor scam or a influencer gets caught.
You never hear about the successful ones. at all.
I feel betrayed over it really, because the original promise was you could buy mainstream goods with it. But all you can really do is stock market shit.
 
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just Reading a post said:
It is always is that problem. Why is it that the good ones never out talk the bad ones? The odds of investing in to a good one, seem the same as buying a scratch card. The scratch cards seems to have better odds at this point even. Every time crypto even gets mentioned is when a rug pull, investor scam or a influencer gets caught.
You never hear about the successful ones. at all.
I feel betrayed over it really, because the original promise was you could buy mainstream good with it. But all you can really do is stock market shit.
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The sad truth is that most people are only attracted to cryptocurrency for two (actually more than two, but these are the primary ones) reasons:
  • Idealism (<5%)
  • Get rich quick schemes (>95%)
The 95% bring money to the market but don't read about anything and lose tons of their money to other people within the 95%.

It is often said that the best wisdom and shit surrounding crypto comes from people who have like 1 or 200 followers on Twitter (but since Musk's takeover that's way less likely due to the number of bots). As soon as those kind of people get 10,000 followers it all goes to shit.

It's the same thing as Kiwifarms - it's a bit weird and off the beaten path which is why it only has like 2-5,000 online users at most times of the day. If it had a smartphone app and truly opened the floodgates it would ruin whatever makes it special.

So there is cool stuff out there that you can be a part of, its just not easy to find and may not be financially rewarding (as most people are looking for).

"The 95%" either mercilessly exploit, flood, drain or crowd out anything that is remotely cool from existence - depending on where you sit in all of this, memecoins are a great distraction for "The 95%" to play around with and lose their money on while hopefully something cool is boiling in the background.
 
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