Tech • IA • Crypto
POURQUOI DES MILLIONS DE GENS ACCEPTENT DE PERDRE ?
4/10TL;DR
The crypto platform Pump.fun has generated massive revenues by enabling ultra-fast token creation, while data shows 96% of users lose money in a system critics liken to a globalized digital casino.
KEY POINTS
A platform built for instant speculation
Pump.fun, launched in January 2024, allows anyone to create a tradable cryptocurrency in under a minute for less than $2. Users can upload an image, name a token, and instantly open it to global trading. Since launch, more than 13 million tokens have been created, most with no underlying project or utility.
Overwhelming losses for users
Data indicates that 96% of participants either lose money or earn negligible returns. Out of millions of tokens, fewer than 1.5% reach broader trading markets, while 98.5% disappear quickly, leaving late buyers with losses. The system structurally favors early entrants.
A lucrative fee-driven model
The platform takes a 1% fee on every transaction, regardless of outcome. With tens of millions of trades, this has translated into over $100 million in monthly revenue, peaking at $15 million in a single day. In under a year, it became one of the fastest-growing revenue engines in crypto.
Founders and rapid rise
The company, based in London, was founded by Noah Twidale, Alon Cohen, and Dylan Kerler, all under 30. Their firm quickly scaled, raising $1.2 billion in just 12 minutes in mid-2025 through token sales, a pace far exceeding early fundraising rounds of major tech firms.
Mechanics resembling a casino
Token pricing follows an automated curve: early buyers pay less and benefit as new entrants push prices higher. When selling begins, prices fall, often sharply. The structure resembles a musical chairs dynamic, where late participants absorb losses while the platform profits consistently.
Extreme behavior and manipulation
In 2024, the addition of livestream features led to alarming incidents. Users staged dangerous or shocking acts—including threats of violence or self-harm—to boost token prices. Some events were later revealed as staged manipulations. The feature was suspended after widespread backlash.
Cases of fraud and controversy
Reports include a 13-year-old who profited tens of thousands of dollars by promoting and dumping a token, as well as an employee who siphoned $2 million, claiming to act against the platform’s harm. Investigations have also linked a co-founder to earlier crypto schemes as a teenager.
Regulatory gaps and legal ambiguity
Authorities in the UK and US have struggled to act. The UK’s FCA warned the platform was unauthorized, while US regulators stated that many meme coins do not qualify as securities. This creates a legal gray zone where enforcement remains limited.
A self-reinforcing ecosystem
Pump.fun has expanded into its own exchange and introduced a native token, using revenues to buy back and “burn” supply. Over $130 million in tokens have been destroyed, funded entirely by user trading activity, reinforcing ongoing participation.
Why users keep playing
Despite losses, millions continue trading. Analysts link this to broader economic pressures: rising housing costs, stagnant wages, and reduced upward mobility. For many younger users, small speculative bets appear more accessible than traditional wealth-building paths.
A new form of financial nihilism
The platform reflects a growing trend where users disengage from conventional financial systems perceived as inaccessible. Pump.fun monetizes this sentiment, turning high-risk speculation into a mass-participation system that continues to grow despite its odds.