Hey there, I'm thinking about getting into meme trading, but I know it's super risky. I came across pump.fun launchpad, but I've seen a lot of folks online saying it's a 95% scam. If anyone here has tried pump.fun, I’d love to hear your thoughts.
I even think it's 98% chance of getting scammed/rugpulled there. People call meme trading in that platform PVP for a reason. You basically fighting with other people to buy and then dump immediately when you make some profit.
Literally every second there are new meme tokens being deployed and 99% of them just straight up a rugpull or never bonded. I mean just see it yourself on the "new" section. Its a permissionless platform so even bad actor can just deploy their thing.
It's not a scam, but it facilitates the launching of memecoins with expertise and virtually no fees, so you'll find thousands of tokens created daily with no intrinsic value. So, if you want to launch your memecoin, it makes it easy, but it's the worst place to invest.
The platform makes things easier for anyone to launch their tokens including scammers, they are launching memecoin that doesn't even have any use, the purpose is just market manipulation and exit scam. I won't trade there because the risk is high, it's better I take trades on centralized exchange than pump.fun.
You can get 15-20$ on it and see it yourself, it would be the best teacher for such activity.
Other than that - just avoid trading memes, no matter how lucrative it looks.
Since its launch, I've never tried the platform. What I do know is that it accommodates anyone who wants to create their own meme tokens, with a unique economic mechanism & creator rewards. Since it's a platform dedicated to meme tokens, be sure to always be prepared for all the risks involved, mate. You can lose all your money quickly there. My advice is to look for tokens with good utility if you're looking for a multiplier on your investment .
If you are interested in Mem trading, there are many established cex like bybit, mexc, binance, kucoin. Almost all of the cexs have even separate meme zones. You can try that. Why do you want to take that much risk with your crypto ? I would not even click on any link unless I am sure, where it will lead me to. Adore your wallet and account, Do not trade on dodgy exchanges. You may suffer even after years. BTW meme tokens are also ponzi or useless or scam, too. It holds no value, no real life usage.
Like you, interest in meme coin platform providers has waned in this cycle. I've actually been paying attention since their launch, but only through information on their official social media platforms without ever visiting their websites. To me, it's not much different from the meme coin platforms trending on Solana, except now the hype is heavily fueled by influencers, whereas in the past, you had to find them yourself before they went viral.
I suggest you to avoid it if you're still caring your money. 99% of tokens in pump.fun are rigged, and being used to scam the traders only. So many scammers launched their tokens individually, then they dump it just after their token gets lesser volume.
I'd rather waste my money on future/perp trade rather than use it as charity for scammers in pump.fun.
I have no experience there yet OP but you seem to know more about it and you just answered your concern and fear about it. If there are have been a lot of scams there, then there are a lot of scams still there and you have to be careful of it. Because if you're not going to be, you're only giving yourself something to think of and trying to throw the hard earned money that you've worked for into these memes.
The fact is that not only some, but almost everyone who trades or creates meme coins is focused solely on profit, not on seriously building something. So many tokens are created every day, just to be a means of taking other people's money. The bottom line is that when you trade meme coins, it's a case of eat or be eaten. The faster you get information about a particular token that has the potential to rise, the greater your chances of making a big profit. On the flip side, when you buy after the hype has died down, you'll just become exit liquidity for others or the developers who created the token, and worse yet, trading meme coins carries the risk of being scammed, like honeypots or sudden rug pulls before you can sell.
Don't try if you don't want to lose a lot of money --- but it's okay if you just try for gambling purposes as long as it's just a small amount of money for your first try.
Memecoins on pump.fun are like pump and dump but more memecoins are dumped because the behavior of the memecoin maker continues to do rugpull, so it is natural that many people's experience says that memecoins on pump.fun lead to scam.
You already understand its so risky so why trying it? You should know higher percentage of meme coins are owned by scammers, so why trying to risk your money, you just trying to waste your money because you already know the risk involve in it, and you still want to go ahead and put your money in it. pump.fun launchpad allows people to Create meme coins within a short period of time without any stress, so its allows even scammers create meme coins so easily.
Engaging in meme trading is like gambling, where you need a lot of luck. And you will find many memecoins that experience rug pull schemes or even PumpandDump schemes. And you must realize how risky meme trading is. Those who are lucky may be able to reap profits if they succeed. But the reality is that not everyone can do it at the right time. And that's why many people suffer losses when trading memecoins. Anyone can create their own memecoin on Pumpfun. And that means anything can happen including all kinds of risks with every memecoins. You shouldn't take it too seriously. Think of it as gambling that requires great luck. But the difference is that manipulation is very likely to occur with most of the memecoins. If you force yourself to try it then use money that you're prepared to lose. But I suggest you don't try it.
You already says it, risky, you don't understand it until you yourself get into that and lost a lot of money in the end.
If others says that it's more likely to scam then you should believed it. Those could be not just destroying Pumpfun, but they could have smelled from afar what this project it. Obviously a meme coin and if you don't know what you are doing then don't take big risk.
Just stay within your comfortable zone of investing on solid and well established project first.
Provably they won't say any bad things about it until they experience the worst situation like scamming. For now they are curious to try even if this is risky investment, but once they tried to get scam and lost a lot with those tokens they buy and trade, for sure that they provably curse those token and will never invest there.
He better listen to the opinion of people and much better if he find other good alternative like trading the top coins if he want to trade. Since there's less chance that he can experience those rug pull schemes and also he can get more chance to recover if there's price decline happen with alts he bought.
It is very risky and I would not even call it trading or investing, what you are trying to do is out right gambling. It would be better if you just joined a casino if you are seeking to feel thrill and some adrenaline rush.
I have never had any experience with trading memecoins (outside Dogecoin) and it is definitely not for everyone, the majority of people lose their money in order to sustain the life style of a minority of whales and insiders. It would be better for you to stay away from it and invest your money on projects with won't scam you.
Since you are just trying, don't ever put a big amount yet. Maybe more or less than $5 will do. Also, don't be greedy. If your investment becomes 2x, take profit. Don't think about hitting ATH all the time because you cant always do that. A 2x on your investment is more than enough. Always DYOR.
Memecoin trading has become a trend in our country. Several FB pages here are shilling memecoins or even creating their own memecoins and then rugging them later. They will just apologize and say they are not part of the project and that they also got scammed. And the cycle goes on. So 2x is more than enough. Actually, even 1.5x will do.
If you have truly decided to invest in meme coins on Pump.fun, the only thing I can tell you perhaps is that you should prepare yourself for the possibility that the capital amount you use there might not return to you favorably to generate a profit.
There are other ways for you to buy meme coins; however, I don't understand why you would specifically think of buying meme coins on Pump.fun. It's truly puzzling, especially since CoinGecko and CoinMarketCap are available for you to see other top meme coins, yet Pump.fun is what you thought of.
He is trying it because he already understand its risks. That means he will now be more careful dealing with them. Losing small money trying something new, is I think not always a waste of money but it is for the experience and who knows, it may work out for us? Just like on what others are experiencing, earning quick / huge money out of these meme coins. But, it is also a good thing that he stop by here to ask for a suggestion, so there is still a chance that he won't continue.