Memecoins
Solana Meme Coins Rise Up to 210% Despite Pump.fun Incident
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Meme coin marketplace Pump.fun was hacked yesterday by a former team member, resulting in a trading halt, users being unable to liquidate their tokens, and the platform losing $1.9 million. second at the autopsy on May 16. Despite this episode, the meme coin sector on Solana has held firm over the past 24 hours, with the tokens making double-digit jumps.
The best performance of the period was recorded by DogeBoy (DOGB), with an increase of almost 210%, while Pepe Trump (PTRUMP) also recorded a significant positive movement of 67.5%. Maga VP (MVP), another Trump-themed token, is also among the biggest winners of the period, showing a price increase of almost 31%.
On the cat coin front, at the time of writing MANEKI has shown growth of 34% in the last 24 hours, a move that has caused its market capitalization to surpass $91 million. Over the same period, UpSideDownCat (USDC) rallied nearly 54%, while Chipi Cat (CHIPI) rallied 72%.
The Costco Hot Dog (COST), a meme coin that carried the meme of hot dogs being sold at Costco markets without ever increasing in value, is up 38% as of this writing. The FindMe meme coin shown in the image above was, in fact, a honey pot attack.
Honey pots are smart contracts programmed to prevent the sale of tokens, while the contract distributor drains all liquidity. Currently, the only available FindMe pool has $231 in liquidity, which highlights the risks of trading meme coins.
Furthermore, despite experiencing 33% growth in the last 24 hours, the Lola Cat token (LOLA) is still relatively new to the meme coin market. Therefore, the asset does not yet have a seven-day track record.
Solordi (SOLO) represents the dog-themed coins on meme coins with the largest growth in the last 24 hours after a jump of 37.7%.
Pump.fun explains the “exploit”
AS reported by Crypto Briefing, a user used flash loans to manipulate token prices on Pump.fun, borrowing SOL from the Drift money market. However, the exploiter managed to withdraw liquidity from Pump.fun pools, which is only possible using an authorized wallet.
Wintermute’s head of research, Igor Igamberdiev, identified that the wallet commonly used to move liquidity from Pump.fun to the Raydium decentralized exchange was controlled by the exploiter, suggesting a private key compromise or an inside job.
In the postmortem, the meme coin market revealed that a former employee was responsible for the attack and had embezzled nearly 12,300 SOL. Pump.fun addressed the issue by re-implementing their smart contracts, launching pools with everything they encountered in the bond curve during the incident, and removing platform fees for the next seven days.
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