Solana meme coins surge up to 210% despite Pump.fun incident

Meme
coin
marketplace
Pump.fun
was
attacked
by
a
former
team
member
yesterday,
resulting
in
halted
trading,
users
unable
to
liquidate
their
tokens,
and
the
platform
losing
$1.9
million,


according
to
a
May
16
post-mortem.
Despite
this
episode,
the
meme
coin
sector
on
Solana
stood
firmly
in
the
last
24
hours,
with
tokens
making
two-digit
leaps.

The
best
performance
in
the
period
was
registered
by
DogeBoy
(DOGB),
with
a
nearly
210%
upside,
while
Pepe
Trump
(PTRUMP)
also
saw
significant
positive
movement
of
67.5%.
Maga
VP
(MVP),
another
Trump-themed
token,
is
also
among
the
biggest
winners
in
the
period,
presenting
almost
a
31%
price
advance.

On
the
cat-coins
front,
MANEKI
has
shown
34%
growth
in
the
past
24
hours
at
the
time
of
writing,
a
movement
that
made
its
market
cap
surpass
$91
million.
UpSideDownCat
(USDC)
surged
almost
54%
in
the
same
period,
and
the
cat
Chipi
(CHIPI)
showed
a
72%
upside.

The
Costco
Hot
Dog
(COST),
a
meme
coin
that
backpacked
the
meme
of
hot
dogs
sold
at
Costco
markets
never
rising
in
value,
has
risen
38%
at
the
time
of
writing.
The
meme
coin
FindMe
shown
in
the
image
above
was,
in
fact,
a
honey
pot
attack.

Honey
pots
are
smart
contracts
programmed
to
forbid
tokens
from
being
sold,
while
the
contract
deployer
drains
all
the
liquidity.
Currently,
the
only
FindMe
pool
available
has
$231
in
liquidity,
which
highlights
the
risks
of
trading
meme
coins.

Moreover,
despite
showing
a
33%
growth
in
the
last
24
hours,
the
token
Lola
Cat
(LOLA)
is
still
relatively
new
to
the
meme
coin
market.
Hence,
the
asset
still
doesn’t
have
a
seven-day
track
record.

Solordi
(SOLO)
represents
the
dog-themed
coins
on
the
meme
coins
with
the
most
substantial
growth
in
the
last
24
hours
after
leaping
37.7%.

Pump.fun
explains
the
‘exploit’

As


reported
by
Crypto
Briefing,
a
user
used
flash
loans
to
manipulate
token
prices
on
Pump.fun,
borrowing
SOL
from
the
money
market
Drift.
However,
the
exploiter
was
able
to
move
liquidity
from
Pump.fun’s
pools,
which
would
be
possible
only
by
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
being
controlled
by
the
exploiter,
suggesting
a
private
key
compromise
or
an
inside
job.

In
their
post-mortem,
the
meme
coin
marketplace
revealed
that
a
former
employee
was
responsible
for
the
attack,
and
misappropriated
nearly
12,300
SOL.
Pump.fun
tackled
the
issue
by
deploying
their
smart
contracts
again,
launching
pools
with
the
whole
they
met
in
the
bonding
curve
during
the
incident,
and
removing
the
platform
fees
for
the
next
seven
days.