Memecoins
Solana meme coins surge up to 210% despite Pump.fun incident
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Meme coin market Pump.fun was attacked yesterday by a former team member, resulting in trading halted, users unable to liquidate their tokens, and loss of 1.9 million of dollars from the platform. according to at an autopsy on May 16. Despite this episode, the meme coin sector on Solana held firm over the past 24 hours, with tokens surging by double digits.
The best performance of the period was recorded by DogeBoy (DOGB), with an increase of almost 210%, while Pepe Trump (PTRUMP) also saw a significant positive movement of 67.5%. Maga VP (MVP), another Trump-themed token, is also among the biggest gainers during the period, showing a price increase of almost 31%.
On the coin front, MANEKI posted 34% growth over the past 24 hours at the time of writing, a move that saw its market capitalization surpass $91 million. UpSideDownCat (USDC) surged nearly 54% during the same period, and Chipi Cat (CHIPI) was up 72%.
The Costco Hot Dog (COST), a coin that takes on the meme of hot dogs sold at Costco markets without ever increasing in value, is up 38% at the time of writing. The FindMe meme piece shown in the image above was, in fact, a honeypot attack.
Honeypots are smart contracts programmed to prohibit the sale of tokens, while the contract deployer drains all liquidity. Currently, the only FindMe pool available has $231 in liquidity, highlighting the risks of trading meme coins.
Additionally, despite growing 33% in the last 24 hours, the Lola Cat (LOLA) token is still relatively new to the meme coin market. Therefore, the asset still does not have a seven-day history.
Solordi (SOLO) represents the dog-themed coins on meme coins with the most substantial growth in the last 24 hours after surging 37.7%.
Pump.fun explains the “exploit”
As reported Per Crypto Briefing, a user used flash loans to manipulate token prices on Pump.fun, borrowing SOL from the Drift Money Market. However, the exploiter was able to move liquidity from Pump.fun’s pools, which was 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 decentralized exchange Raydium was controlled by the exploiter, suggesting a private key compromise or inside work.
During its autopsy, the meme coin market revealed that a former employee was responsible for the attack and embezzled nearly 12,300 SOL. Pump.fun resolved the issue by re-deploying its smart contracts, launching pools with the full bonding curve during the incident, and waiving platform fees for the following seven days.
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