Pump.fun Meme Coins Have Plummeted Sharply, Costing Investors Millions of Dollars

Data shows that most of these meme coins have declined by over 20% in the past seven days and more than 50% from their highest points this year.

Pump.fun, a platform that allows users to create meme coins on Solana (SOL), has seen a surge in activity, leading to substantial profits for its developers and beneficiaries.

According to available data, Pump.fun developers have earned nearly $100 million in cumulative fees since the platform's launch. Notably, July was the most lucrative month, generating over $28 million, followed by $20 million in June.

DeFi Llama statistics indicate that Pump.fun's revenue has already surpassed $15 million in August, setting the stage for another strong month.

One of the key beneficiaries of the Pump.fun craze is Sahil Aora, who is believed to be the mastermind behind several high-profile celebrity-backed tokens this year. According to estimates, Aora may have personally made over $30 million.

Sahil, who is currently under investigation, is known for launching tokens for Andrew Tate, Curtis Roach, and other celebrities, which often experienced significant price drops or rug pulls.

In a recent development, Justin Sun has unveiled SunPump, a meme coin generator platform that appears to be quickly gaining traction among users.

While the specific details and metrics for SunPump are not yet fully available, the platform seems to be generating substantial activity and interest.

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