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Solana meme coins rise up to 210% despite Pump.fun incident
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Meme coin marketplace Pump.fun was attacked by a former staff member yesterday, resulting in trading being halted, users unable to liquidate their tokens, and the platform losing $1.9 million, according to for a May 16 autopsy. Despite this episode, the meme coin sector on Solana has held steady over the past 24 hours, with tokens making double-digit jumps.
The best performance in the period was recorded by DogeBoy (DOGB), with an appreciation of almost 210%, while Pepe Trump (PTRUMP) also had a significant positive movement of 67.5%. Maga VP (MVP), another Trump-themed token, is also among the biggest winners of the period, showing a price advance of almost 31%.
As far as cat-coins are concerned, MANEKI has shown growth of 34% in the last 24 hours at the time of writing, a movement that has seen its market value surpass US$91 million. UpSideDownCat (USDC) is up nearly 54% over the same period, and Chipi Cat (CHIPI) is up 72%.
Costco Hot Dog (COST), a meme coin that carried the meme of hot dogs sold at Costco markets that never increased in value, was up 38% at the time of writing. The FindMe meme coin shown in the image above was actually a honey pot attack.
Honey pots are smart contracts programmed to prohibit token sales while the contract implementer drains all liquidity. Currently, the only available FindMe pool has $231 in liquidity, which highlights the risks of trading meme coins.
Furthermore, despite showing 33% growth in the last 24 hours, the Lola Cat (LOLA) token is still relatively new to the meme coin market. Consequently, the asset does not yet have a seven-day history.
Solordi (SOLO) represents the dog-themed coins in meme coins with the most substantial growth in the last 24 hours after jumping 37.7%.
Pump.fun explains the ‘exploitation’
As reported from Crypto Briefing, a user used flash loans to manipulate token prices on Pump.fun by borrowing SOL from the Drift money market. However, the explorer managed to move liquidity from Pump.fun pools, which would only be possible using an authorized wallet.
Wintermute head of research Igor Igamberdiev identified that the wallet commonly used to transfer liquidity from Pump.fun to decentralized exchange Raydium was being controlled by the exploiter, suggesting a private key compromise or an inside job.
In its post-mortem, the meme coin market revealed that a former employee was responsible for the attack and misappropriated almost 12,300 SOL. Pump.fun resolved the issue by deploying their smart contracts again, launching pools with everything they found on the bond curve during the incident, and removing platform fees for the next seven days.
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