Pump.fun bot nets $6.8M profit with memecoin sniping success
Release: 2024/11/25 22:49 Reading: 345
Memecoin Bot Profits and Pump.fun Controversy
A bot on the Solana-based memecoin generator platform, Pump.fun, has reportedly earned over $6.5 million in profits by purchasing and reselling memecoins.
Bot's Profits
According to Lookonchain, the bot has allegedly made substantial profits in recent weeks:
- Purchased 58.57 million FRIC tokens for 1.75 SOL and sold them for 1,646 SOL, netting $418,000.
- Purchased 57 million FATHA tokens for around 2 SOL and sold them for 4,456 SOL, resulting in profits of $1.12 million.
Pump.fun Controversy
Pump.fun's livestream feature has come under fire for its misuse.
- Users have allegedly threatened self-harm if their cryptocurrencies do not reach certain market caps.
- A teenage creator of the QUANT coin pulled the plug, leaving investors with worthless tokens.
Community Response
The crypto community is divided on how to address Pump.fun's issues:
- Some advocate for shutting down the platform.
- Others call for targeted measures, such as disabling livestreams.
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