99% of Meme Coins Produced on the Platform Where TRUMP Was Created Turned Out to Be Fraud! - Coin Bulletin

Solidus Labs' new report reveals that nearly all of the 7 million tokens published on Solana's Pump.fun platform since 2024 are rug pulls or manipulative schemes.

While cases of fraud in the cryptocurrency ecosystem continue to rise, a new report published by Solidus Labs revealed that the situation on the Solana blockchain is much worse than previously thought. According to the report, since January 2024, over 7 million tokens published on the Pump.fun platform have been identified as 98.6% rug pulls or pump and dump schemes.

Pump.fun is known as a platform that offers users the opportunity to create new crypto tokens on the Solana blockchain at a very low cost, while the report showed that only 97 thousand of the tokens on the platform maintained liquidity of $1,000 or more. This situation indicates that the overwhelming majority of the tokens on the platform were created as temporary speculation instruments or directly for fraudulent purposes.

The situation is no different on Raydium.

The situation at Raydium, the popular decentralized exchange of the Solana ecosystem, does not look very promising either. Solidus Labs has determined that 93% of the liquidity pools on Raydium exhibit soft rug pull characteristics, with an average rug pull value of around $2,800.

The report also stated that the largest rug pull case identified during the examined period was related to MToken and was valued at 1.9 million dollars. However, the meme coin sector stands out as the area most affected by fraud.

(# Trump and Melania tokens have also crashed.

The meme coin craze peaked in January when U.S. President Donald Trump promoted his own TRUMP token on social media. Shortly after, U.S. First Lady Melania Trump also introduced the MELANIA token, but both tokens subsequently lost 87% and 97% of their value, respectively. According to reports, a group of insiders who purchased the tokens before they were publicly accessible managed to earn over 100 million dollars in profit.

Another report published by Merkle Science in February revealed that $500 million was lost in rug pull and fraud cases in 2024. The Solana blockchain has become a popular platform among criminals and fraudsters due to its near-zero transaction fees and instant transaction capabilities.

Regulatory agencies continue to closely monitor the sector. In March, the SEC established its Cyber and Emerging Technologies unit with the aim of "uncovering those who seek to use innovations to harm investors and undermine trust in new technologies." In April, the regulatory agency filed a class action lawsuit against Meteora, holding individuals associated with the M3M3 meme coin responsible for a $69 million rug pull.