**Pump.fun** is a [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) platform for creating and trading [memecoins](https://iq.wiki/wiki/memecoins). Launched in January 2024, it uses the [Solana](https://iq.wiki/wiki/solana) and [Blast](https://iq.wiki/wiki/blast) networks for fast and low-fee transactions.[[1]](#cite-id-qqk97ca3yze)

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## Overview

Pump.fun is a [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) platform launched in January 2024, focusing on the creation and trading of memecoins. It leverages the [Solana](https://iq.wiki/wiki/solana) and [Blast](https://iq.wiki/wiki/blast) networks to offer rapid transactions and minimal fees. The platform allows users to create and trade tokens instantly without the need for seed liquidity, making it accessible and cost-effective for a broad audience.[[1]](#cite-id-qqk97ca3yze)

On July 1, 2024, Pump.fun's cumulative revenue crossed $50 million according to [DefiLlama](https://iq.wiki/wiki/defillama) data. As of July 2024, over 1.18 million memecoins have been deployed via pump.fun, according to data from Dune Analytics. [[12]](#cite-id-xe36n67esef)[[13]](#cite-id-ggp05l85nx)

### Key Features
- **Instant Token Creation**: Users can create and launch new tokens with a few clicks, specifying the token's name, ticker, and image.
- **Bonding Curve Pricing**: The platform employs a [bonding curve](https://iq.wiki/wiki/bonding-curve) model, where token prices increase as more tokens are purchased.
- **No Presales or Team Allocations**: To mitigate the risk of rug pulls, every token on Pump.fun is launched fairly without presales or team allocations.
- **Low Cost**: Creating a token costs less than $2, making it affordable for individual users and small groups. [[3]](#cite-id-wh678jchat)

Pump.fun operates by allowing users to deploy tokens that are immediately tradable. The platform supports transactions on both [Solana](https://iq.wiki/wiki/solana) and the [Ethereum](https://iq.wiki/wiki/ethereum) [Layer 2](https://iq.wiki/wiki/layer-2) network, [Blast](https://iq.wiki/wiki/blast). When a token's [market capitalization](https://iq.wiki/wiki/market-capitalization) reaches a certain threshold, liquidity is deposited to a [decentralized exchange](https://iq.wiki/wiki/decentralized-exchange) and [burned](https://iq.wiki/wiki/token-burn) to ensure stability and trust.

Creating a token on Pump.fun incurs a minimal cost of under $2. This low barrier to entry encourages widespread participation and experimentation in the creation of memecoins. [[2]](#cite-id-ttapfbf3gb)

After deployment, tokens can be traded on Pump.fun using its [bonding curve](https://iq.wiki/wiki/bonding-curve) system. As the number of tokens purchased increases, so does the price, encouraging early adoption and trading activity. Liquidity management and price stability are achieved through automatic mechanisms once the [market capitalization](https://iq.wiki/wiki/market-capitalization) target of $69,000 is hit. [[3]](#cite-id-wh678jchat)[[5]](#cite-id-4ms2nquunlj)

As of June 2024, some [memecoins](https://iq.wiki/wiki/memecoins) that achieved the marketcap goal include BaoBaoSol ($BAOS), Hobbes ($HOBBES), and Shark Cat ($SC). [[9]](#cite-id-gbqmxpzbkr4)[[10]](#cite-id-fey9e2uetfn)

## Notable Memecoins

## michi ($michi)

MichiCoin is a [memecoin](https://iq.wiki/wiki/memecoins) on the [Solana](https://iq.wiki/wiki/solana) [blockchain](https://iq.wiki/wiki/blockchain), known for its association with Michi, an internet-famous cat. The token leverages the popularity of Michi, attracting a community of cat lovers and meme enthusiasts. On May 13, 2024, Michi reached its peak [market capitalization](https://iq.wiki/wiki/market-capitalization) of US$ 339.82 million. [[14]](#cite-id-9o97al13rte)

![QmTQrP6R7ieRSbKzwzLAy1i8c2U66b7LM6bSUmK1dfYc5b (1).jpeg](https://ipfs.everipedia.org/ipfs/QmfKAAPrHRmCZGRnYMVW5F172vXK9GAm2szcGtaxdaha8X)

### Shark Cat ($SC)

Shark Cat is a [memecoin](https://iq.wiki/wiki/memecoins) on the [Solana](https://iq.wiki/wiki/solana) [blockchain](https://iq.wiki/wiki/blockchain), featuring the viral image of a kitten named Nala in a shark costume. Leveraging Nala's popularity, Shark Cat gained traction in the [crypto](https://iq.wiki/wiki/cryptocurrency) community. On March 31, 2024, Shark Cat reached its peak [market capitalization](https://iq.wiki/wiki/market-capitalization) of US$ 385 million. [[15]](#cite-id-gxaktkcn965)

![QmYZnjijjtoH2YDCPxUc6advSuSbsCre4gDjtS2YTUfw7P (1).jpeg](https://ipfs.everipedia.org/ipfs/QmVKKTCNSZUovTw8WyWDXzHtqyc2WmQhZFsB2Dx1YwGJJf)

### MOTHER IGGY (MOTHER)

[Mother](https://iq.wiki/wiki/mother-memecoin) Iggy is a [memecoin](https://iq.wiki/wiki/memecoins) token created by Australian rapper Iggy Azalea. The token gained popularity due to Azalea's plans to use it for purchasing mobile phones and plans from her telecommunications company. After the launch of $MOTHER, Azalea's appearance with Jim Cramer at the New York Stock Exchange caught the attention of the [crypto](https://iq.wiki/wiki/cryptocurrency) community. On June 6, 2024, Mother Iggy reached its peak [market capitalization](https://iq.wiki/wiki/market-capitalization) of US$ 264 million. [[16]](#cite-id-iafr2o9y3oe)[[17]](#cite-id-7mqu3dyo4zs)

![GP4PXDsWIAATXIo (1) (1).jpeg](https://ipfs.everipedia.org/ipfs/QmSZBzD5y6rDZ9t942LtPW6WB4rZQA1Vd295vZewYmE318)

### Security Incident

In May 2024, Pump.fun was subjected to a security breach perpetrated by a former employee. This individual exploited the platform by using [flash loans](https://iq.wiki/wiki/flash-loan) to manipulate the [bonding curve](https://iq.wiki/wiki/bonding-curve) contracts, resulting in the misappropriation of approximately $1.9 million worth of [SOL tokens](https://iq.wiki/wiki/solana-sol). The exploit was publicly acknowledged by the attacker, who criticized the Pump.fun team for mishandling user funds and other grievances. [[2]](#cite-id-ttapfbf3gb)[[4]](#cite-id-si0dopft5u)

The breach led to a temporary halt in trading while the Pump.fun team conducted a thorough investigation. They identified the vulnerabilities exploited and took measures to secure the platform against future attacks. These measures included redeploying contracts and implementing additional security protocols to prevent similar incidents.

Pump.fun shared their thoughts on their X profile:

> "We are aware that the bonding curve contracts have been compromised and are investigating the matter,"

In an effort to regain user trust, Pump.fun announced that it would offer zero-fee trading for a week following the incident. Additionally, the platform committed to compensating affected users, with the goal of maintaining a safe and reliable environment for its community. [[2]](#cite-id-ttapfbf3gb)[[4]](#cite-id-si0dopft5u)

Pump.fun shared on their X profile that they are taking protective measures:

> "working with some of the most esteemed security folks in the space,"

The response from the [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) community was mixed, with some viewing the exploiter as a whistleblower highlighting platform weaknesses, while others criticized the security lapse. Despite this, Pump.fun has continued reinforcing its security measures and striving to provide a safe platform for memecoin creation and trading. [[4]](#cite-id-si0dopft5u)

## Legal Challenges

Recent information indicates that Pump.fun is currently involved in legal and regulatory proceedings. Reports state that the platform is subject to litigation based on allegations that its [memecoins](https://iq.wiki/wiki/memecoins) qualify as securities. A class-action lawsuit claims that approximately US$500 million in tokens were sold without registration as securities.

Additionally, a Pump.fun co-founder outlined a revenue-sharing model intended to distribute a portion of the platform’s revenue to its community. This model is presented as a measure for increased transparency and a means to adjust the alignment between user and investor interests.

Analyses of Pump.fun’s token structure and decentralized governance have examined the organization’s model within the framework of evolving regulatory standards for digital assets. These assessments detail aspects of token design and consider the regulatory challenges facing similar digital asset projects.

Moreover, a report from Binance Square describes ongoing efforts by Pump.fun to adjust its market position in response to regulatory changes. Background information on certain team members, including Alon Cohen, indicates that the individuals involved have professional experiences beyond the [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) sector. [[17]](#cite-id-H4fFK4j2Zm) [[18]](#cite-id-LWM7x2FzNu) [[19]](#cite-id-n7DXEZuvVq) [[20]](#cite-id-ns5afviweo) [[21]](#cite-id-wm3Fff8J5r)

## Founders

Two individuals, known as "Alon Cohen" and "Sapijiju," both claim to be co-founders of Pump.fun, but their true identities remain unknown. However, recent information suggests that Alon Cohen, a person associated with the Staatsballett Berlin, might be linked to the platform. [[6]](#cite-id-hhdcsyy4nj8)[[7]](#cite-id-z8njf6waqip)[[8]](#cite-id-46l622cuumc)[[11]](#cite-id-o31cgzqx0vi)[[22]](#cite-id-lJZqNYyqhb)

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In January 2024, Pump.fun was launched.








Date Launched

Integration of the Ethereum Layer 2 network in February

Integration of the Ethereum Layer 2

On July 1, 2024, Pump.fun’s cumulative revenue crossed $50 million according to DefiLlama data

Revenue Crosses $50 Million

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Pump.fun is a cryptocurrency platform for creating and trading memecoins, leveraging Solana and Blast networks for fast, low-cost transactions.

Timeline of Events

Pump.fun

Date Launched

Integration of the Ethereum Layer 2

Revenue Crosses $50 Million

IQ

IQ.wiki

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