Payso

Rumor mill is absolutely buzzing on pump fun and the memecoin extraction cabal all weekend long. Here’s what we know, what we assume, and allow me to clarify and give my current understanding of the situation currently unfolding: At a high level, memecoin trading is a high-volume, low-time preference gambling platform for entertainment. By no means is it an investment. So, the issue of manipulation is fully on display. People have “gamed” the system and it’s all traced onchain. How has this happened? Well, according to our sources and verifiable onchain data, there’s cohort of smaller new accounts that are the big issue. You know the names and some you’ve not heard of unless you’re deep in the proverbial “trenches” (read: casino) The incentives are aligned to keep gamblers coming back, losing money, so the insiders win. These anons who run bundlers and have a following of “meme traders” & gamblers will milk their audience hard. Buy on side wallets, shill on main account and show the position as public with screenshots of your position on main, tracked wallet. Now, with regards to Sahil’s X page… Contrary to what he’s showing to the public, the story is much deeper and less focused on a single person or small group. There’s all sorts of ground to cover on a different post, but the bigger, doxxed names are moreso “caught” by association by with a lot of other fraudsters though. A small cabal has been formed around onchain extraction with pump fun launches that will lead to real consequences, as the industry turns to a more regulated period. It’s a mess. I’m staying away and think pump team and fomo team will make a real shift in their strategy regardless as a result of the optics of paying people excessive fees to promote useless memecoins, and pivot towards more of a tokenization + legit finance app (and fomo will likely win this). I have zero vested interest in either but see the path for fomo. Pump statement will likely come, but it’s been crickets from their comms side. Not a great look. That’s my honest take & I’m signing off. Have a great weekend lads