Meme Mania

Meme coins on crypto platforms like pump.fun and base.fun are a chaotic, scam-prone frontier, according to this REKT piece, which also describes a split in the industry between critics and supporters. The article says pump.fun charges about $2 to mint a token and takes a 1% swap fee, while traders still face losses from early allocations by creators who dump holdings after launch. It cites a $1.9 million pump.fun exploit on May 16 by former contractor Jarett Dunn, and a Coin Telegraph's Magazine investigation from April that found 1 in 6 new Base meme coins are scams. Critics see the sector as crypto's worst excess, while supporters call it a gateway to mainstream adoption.