@pumpdotfun .fun: From Solana star platform to community public enemy, the crash is all sorted out
, a Solana platform that quickly became popular with meme coins, has now become the target of public criticism from the Web3 community.
What happened?
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Born in 2024, it allows users to issue and trade meme tokens on Solana with a single click. With a very low entry barrier and viral spread, it quickly rose to prominence, accumulating over $800 million in revenue in just a few months.
Many users contributed to the transaction fees and naturally expect returns—such as airdrops.
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Although the official team has never explicitly promised an airdrop, the founder @a1lon9 has mentioned concepts like "rewarding creators" and "revenue sharing" multiple times.
The community generally believes that this is a project where early contributions can benefit.
However, the story began to take a turn in June 2025.
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Although the official team has never explicitly promised an airdrop, the founder @a1lon9 has mentioned concepts like "rewarding creators" and "revenue sharing" multiple times.
The community generally believes that this is a project where early contributions can benefit.
Suddenly announced a token ICO with a valuation of up to $4 billion FDV, raising about $500 million through a Dutch auction.
The community is shocked: You made so much off users, and now you want to raise a huge amount? What about the airdrop? Where's the return?
Many people are starting to question whether this is a "chronic rug."
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But what’s worse is everything that happened next.
After $PUMP went live, it quickly plummeted over 50%, far below the ICO price. On-chain data shows that some private round investors sold off tokens worth up to $160 million.
The ICO became a scene for the community to pick up the pieces, with whales harvesting profits.
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Next, they announced the acquisition of the wallet tool Kolscan, trying to shift the focus and emphasize "product development" and "creator incentives."
However, the community is not buying it; many early users have suffered significant losses and just want to know one thing: Is there still an airdrop?
On July 23, the last straw that broke the camel's back came.
In a live broadcast, founder @a1lon9 clearly stated: "There are no airdrop plans in the near future."
This was seen as a public betrayal. Many OG users posted their trading history: tens of thousands of transactions, hundreds of thousands of dollars in fees, in exchange for a statement of "continue using the product to support artists"?
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$PUMP has plummeted again, with market share dropping by 80%.
Community sentiment has completely reversed, and many KOLs have started FUD:
"@Solana's @opensea is back again"
"Built on the community, but in the end, you forgot who made you successful"
"Chronic rug, still using acquisitions as a cover"
Why is the community so angry? Because this is a collective disillusionment.
The platform relies on users to take off but refuses to give back.
ICO financing has been harvested, and insiders have cashed out and escaped.
Airdrops have become empty talk, and trust has turned into irony.
All of this reminds many people of the airdrop incident at @opensea back in the day—similar anger.
Currently, it indicates a "strategic allocation of tokens," but there is no timeline or clear commitment.
Meanwhile, users have already started to vote with their feet, turning to competitors like @bonk_inu and Solport, in search of a platform that is "more like Web3."
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⚠️ All of this serves as a reminder to all project teams and entrepreneurs:
Web3 platforms cannot just focus on products; they must uphold the commitment to "co-creation and sharing."
Users are not freeloaders; they are part of the system.
Ignoring this basic consensus, no matter how strong the product is, will lead to being rejected by the community.
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