Solana-based meme coin launchpad Pump.fun faces increasing criticism over token quality and platform behavior despite generating massive revenue. Curve Finance founder Michael Egorov called it “a casino of scams called meme coins.” A May 2025 Solidus Labs report found 98.6% of analyzed tokens showed pump-and-dump characteristics, while a CoinGecko study of 18.67 million tokens found over 68% recorded their final trade on launch day. Only 4.55% remained active for more than 90 days. The platform previously halted livestreams in November 2024 after users engaged in extreme stunts, though the feature returned in April 2025 with stricter moderation. Pump.fun also faces a proposed class-action lawsuit alleging it offered unregistered securities and collected nearly $500 million in fees.
Curve Finance founder Michael Egorov has criticized Pump.fun, calling it “a casino of scams called meme coins.” ClawPump co-founder Tomas Oliver responded, arguing the platform simply provides a service and that meme coin activity would exist elsewhere.
The Solana-based launchpad has faced significant controversy. In November 2024, its livestream feature drew backlash after users staged extreme stunts, including threats of self-harm and using a child to boost a token. Pump.fun subsequently halted livestreams, though the feature returned in April 2025 with stricter moderation rules.
A proposed class-action lawsuit has accused Pump.fun of offering unregistered securities and collecting nearly $500 million in fees. The case was brought by a trader who lost money on tokens FWOG, FRED, and GRIFFAIN.
Data has highlighted concerns over token quality. A May 2025 report from analytics firm Solidus Labs found that 98.6% of analyzed tokens showed characteristics of pump-and-dump schemes or rug pulls. A CoinGecko analysis of 18.67 million tokens revealed over 68% recorded their final trade on the same day they launched, with only 4.55% remaining active for more than 90 days.
Despite these issues, Pump.fun has become a major revenue source on Solana. It was among seven applications generating over $100 million in revenue in 2025, and according to co-founder Sapijiju, it recently surpassed Hyperliquid in 30-day revenue.
