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OVERVIEW

Retail Pumped, Insiders Had Fun And Took Your Fees 🚽 

Before we dive in, here’s today’s crypto market heatmap:

And here’s a look at crypto’s total and altcoin market cap YTD:

SOLANA
Pump.fun Still Growing Like A Colony Of E.Coli On Three Day Old Room Temperature Sushi 🍣 

Here are some quick, crazy stats about Pump.fun:

• Over 3 million memecoins have been created on Pump.fun since January 2024.

• That’s roughly 7 new stupids every minute.

• Only 100 out of 3 million have ever made it to $1 million.

• 62% of Solana’s volume is from Pump.fun.

• Pump.fun accounts for 42% of Solana’s DEX volume.

• The threshold for a memecoin to be listed on a Solana DEX is a market cap of $69,000, something only 1.4% of tokens have ever achieved.

Claim: Insiders Selling Big Time

As reported by Decrypt, earlier today, the Pump Fun Fee Account transferred $22 million worth of Solana to Kraken, bringing its total offloading to over $94 million this month. 😱

Naturally, crypto sleuths were quick to claim Pump Fun is selling SOL, which they say could be hammering its price. But the platform’s pseudonymous co-founder, Alon, insists this is all a misunderstanding. Of course, this reassurance is as comforting as finding out your house is only potentially on fire.

A Revenue Juggernaut with a Side of Controversy

The platform has generated more than $250 million in revenue since its inception, according to DeFiLlama. That success, however, has drawn criticism. Decrypt highlighted a prior claim in June from 0xSisyphus accusing insiders of “actively selling down the money they are extracting into USDC” and turning it into a retail investor’s nightmare. 🔥 

So, while critics call it a grift, Solana enthusiasts point to Pump Fun as a cornerstone of the network’s growing dominance. Speaking of grifts, the sheer degeneracy of this fiasco has caught the attention of Coffeezilla.

Let’s Be Honest: People Know What They’re Getting Into, Right?

In Pump.fun’s defense (yes, it has one), the great majority of the retail crowd playing rug-pull roulette knows exactly what they’re signing up for. This isn’t some penny stonck or pink sheet scenario where the naïve get duped. 🕵️‍♂️ 

Getting involved in $SOL and crypto in general requires effort:

1. You have to find an exchange.

2. Connect your debit/credit card and all the associated AML/KYC loops.

3. Convert your $$$ into $SOL.

4. Transfer that $SOL to a wallet compatible with Pump.fun

5. Wait, because Solana has a failure rate between 40% and 80%. T

6. Connect the wallet to Pump.fun.

The odds of a significant number of these traders being clueless about the kind of stupid they’re getting into are about as slim as making $1,000 on Pump.fun—which, let’s face it, is like betting on a three-legged horse in the Kentucky Derby.

Yes, it’s running, but the finish isn’t really in its future. 🏇 

New In Three Sentences
Crypto News 📰

🛠️ ZEN 5.0.5: Horizen’s “No Drama” Upgrade

Horizen dropped ZEN 5.0.5, and while it’s not a hard fork, you’d better update before December 12 or risk getting left behind. This version keeps the network smooth and your nodes playing nice. Don’t be that person running outdated software—just upgrade already. Horizen blog.

🔗 Dash’s Two-Chains Solution Isn’t a Gimmick

Dash now runs two blockchains: one for payments, one for data and dApps, because sometimes one chain just isn’t enough. The split keeps your transactions private and your apps scalable without forcing everyone into the same ecosystem compromises. Bonus points for avoiding the chaos that comes with overloading a single chain. Dash blog.

🔧 golem-js 3.5: Build Plugins and Flex Your Code

The latest golem-js update includes a plugin system to let developers contribute to the Golem Network ecosystem without diving into core development. There’s also experimental volume definitions for advanced deployments, plus better tooling for creating apps with minimal hassle (maybe it’s no hassle if you understand more than 3% of what I just wrote, which is 100% more than what I know). Think of it as your dev sandbox, now with extra toys. Golem blog.

✈️ Dtravel Joins Fetch.ai for Smarter Decentralized Travel

Dtravel integrated its vacation rental AI agent into Fetch.ai’s marketplace while joining its Foundation to push decentralized travel forward. The partnership combines blockchain and AI to create personalized, automated trip planning with peer-to-peer booking options. Goodbye, clunky OTAs—hello, seamless Web3 travel. Fetch.AI blog.

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• Follow the trends…. get $$$ to spend

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