Genius or gamble? what to make of Pump.fun and its new token

Memecoins are a type of crypto inspired by internet memes, jokes or cultural references rather than solving a specific technical or financial problem. Usually, they gain popularity through social media hype and online communities as opposed to fundamental utility or innovation. Memecoins typically have little intrinsic value or underlying use case - they experience huge volatility but have still proved be very popular as a way to engage with global audiences digitally on-line. Interestingly, the number of memecoins being created has been growing.

Source: NFTevening

Nonetheless, memecoins are not particularly new. As soon as Bitcoin debuted in 2009, people were already spinning up new coins to replicate BTC’s journey and make some quick money. From the earliest Bitcoin forks to Dogecoin and Ethereum’s 2017 ICO frenzy, the line between satire and speculation has always been thin. But in early 2024, a platform emerged that erased the blurry line. Pump.fun, launched on Solana by Noah Tweeda…