Many Scam Coins, Solana Pump Memecoin Platform.Fun Begins To Be Investigated

JAKARTA - The platform of Memecoin Pump.fun operating on the Solana network, is now starting to be monitored by leading blockchain analytic firm Chainalysis. This action is considered an important effort to increase security and transparency amid skyrocketing popularity of memecoins in the Solana ecosystem.

Matthew Wilson, director of Chainalysis products, explained that his company now includes all Solana tokens through the KYT and Reactor features. This move allows the government to investigate fraud in Solana's ecosystem more efficiently. We offer early warnings, exposures, and full tracking since the SPL contract is implemented. The exchange can also include memecoins with full compliance guarantees," Wilson said on LinkedIn.

Pump.fun itself allows anyone to create memecoins at a cost of only 0.02 SOLs or around Rp73,000 based on the current SOL value. A fair token launch model without presales or team allocation is the main attraction of this platform, while reducing the risk of rug pull'' or fraud.

Pump.fun's source of revenue comes from a cost of 1% on each transaction and 2 SOLs for coins whose liquidity is sufficient to be listed on Raydium, one of the decentralized exchanges in Solana. Dune data notes that more than 4 million memecoins have been launched through Pump.fun this month, with revenues reaching 93 million US dollars (Rp1,488 trillion) in November.

However, Pump.fun's journey was not completely smooth. In November, its live broadcast service was heavily criticized for the emergence of inappropriate content, including pornography and the threat of suicide. Responding to this controversy, Pump.fun temporarily suspended the service and promised to strengthen the moderation system.

Although controversial, Pump.fun managed to encourage increased activity on the Solana network. The number of active users reached 6.3 million addresses last month, and the price of SOL had touched a record high at 264.18 US dollars (IDR 4.226 million). Nevertheless, the sustainability of the memecoin trend is still a big question.