曾经最吸金的应用，如今直接摆烂了？

比推Опубліковано о 2025-11-27Востаннє оновлено о 2025-11-27

原文来源：Cookie

原文标题：币圈最赚钱的应用开始摆烂

从与 bonk.fun 打对台，到进行并完成了加密货币历史上最大规模的 ICO 之一，今年的 pump.fun 在赚钱方面虽不及去年那般辉煌，但也还算春风得意。截至今日，pump.fun 已经花费近 100 万枚 SOL（约 1.88 亿美元）的手续费收入回购了占总供应量 12.227% 的 $PUMP。

但持续且大额的回购并没有让 pump.fun 的币价有任何起色，甚至仍在不断走低。pump.fun 及其联创 alon 的行为，也越发让市场不满。前天，X 粉丝量超过 260 万的大 V Mario Nawfal 在其小号对 pump.fun 公开进行了抨击：

「即使 pump.fun 是一家营利性公司，他们的所作所为也令人匪夷所思。Solana 一直在苦苦挣扎，而他们却卖出了十亿美元数量级的 SOL。他们在几个月前完成了$PUMP 的 ICO 并承诺会有空投，但至今未兑现，也没有对整个生态进行任何再投资。哪怕抛开这家公司应该做些好事的道德层面，单从商业层面来说，他们如此漠视成就了他们的生态系统，又如何能指望持续蓬勃发展呢？」

这可能是至今为止我们所见到的体量最大的 KOL 对 pump.fun 的公开抨击。而就在这条推文的几小时后，pump.fun 宣布给自己生态内的 6 个 meme 币各发 1 万美元的社区 grant，这个行为纯属火上浇油，被「战壕」无情嘲讽。

在这条推文的评论区下面，有许多这样的推文：

「我 c 你的。」

「真他妈搞笑。」

「你们每天赚那么多钱，然后只给这些在你的生态里辛苦坚持建设的 meme 币们 1 万美元？1 万美元能干啥？」

今年 8 月，在 pump.fun 受到 bonk.fun 来势汹汹的挑战时，他们推出了 Glass Full 基金会，花费约 170 万美元购入了自家生态中一些综合表现良好的 meme 币。但从那之后，pump.fun 再也没有真金白银支持过自家生态内的 meme 币。而在约两周前，Glass Full 基金会中「最后的幸存者」$neet 也跌破了 pump.fun 买入时的价格，Glass Full 基金会的持仓已经全线亏损，总亏损约达 137 万美元。

在 pump.fun 对战 bonk.fun 时坚定站在 pump.fun 一边的玩家，以及那些希望 pump.fun 能够承担起重振 meme 市场的重任的玩家们，可以说要多失望，就有多失望。他们希望 pump.fun 能够好好扶持自家生态，而不是一下子跑去搞 CCM（直播代币），又一下子跑去搞 ICM，最后什么都搞得一地鸡毛。

大量的回购却萎靡不振的 $PUMP 币价，在这种日渐消沉的玩家情绪与失望下，也逐渐受到质疑。

「您如何解释$PUMP 回购了超 10% 却仍然破发？」

而在这种情况下，pump.fun 官推，以及 pump.fun 联创 alon 的官推，却莫名其妙地陷入了长达约 10 天的静默，一条推文都没有。甚至是上一个 pump.fun 重要的更新「Mayhem Mode」，pump.fun 官推连提都没提。

顺带一提，「Mayhem Mode」也是被玩家们骂爆的更新。因为在 Solana meme 市场萎靡不振的情况下，「Mayhem Mode」的降低代币毕业门槛以及通过开启该模式的代币的手续费随机购入该模式代币的机制，被认为是 pump.fun 在竭泽而渔。

毫无道理的静默让 aixbt 这个 AI 都跳出来对 pump.fun 开火：

「pump.fun 收取了 3 亿美元的费用，但代币毕业率现在仅为 0.7%。每天有 12,610 次启动，其中 98 次成功。该平台从 99.3% 的失败代币发射中获利。团队在 13 天前，也就是有史以来交易量最高的一周突然消失。据称他们的回购就是左手倒右手，这个产品本身就是一个价值榨汁机。」

而随后，Lookonchain 的一条推文让市场开始传言「pump.fun 跑路了」：

「看起来 pump.fun 自 10 月 15 日以来套现了至少 4.365 亿美元」

这条推文终于让 pump.fun「诈尸」了。pump.fun 联创 Sapijiju 发推声称 Lookonchain 的推文完全不符事实，pump.fun 没有套现任何资金，只是把 ICO 募集到的资金转移到不同钱包中，以便公司将这些资金用于投资业务发展。

这种解释显然苍白无力。pump.fun 目前已披露的收购只有 Kolscan 和 Padre，前者就是一个追踪 KOL 交易盈亏情况的工具，后者是一个交易终端。而在收购 Padre 的消息宣布时，pump.fun 同时也宣布 Padre 代币将不再在该平台上使用，并且没有进一步的未来计划。

想象一下，Web2 中一家公司被收购，然后股东刚开心没 2 分钟，被告知手上的股票全部作废了。这就是那天晚上发生的冷酷无情的惨剧，没有仔细看到推文线程最后的人直接被挂在了山顶，$PADRE 原来的持有者更无处求援。

持有一个产品的币->终于看到被行业大公司收购了->瞬间翻倍美滋滋->发现收购方说代币从此没用了而且没有未来计划->脚斩

最后，虽然 pump.fun 的跑路传言目前仍属于缺乏根据的恐慌，并且 pump.fun 做出了回应，但这是市场不满情绪的集中体现。如果说 pump.fun 只是一个精于算计的企业，但在算计的时候，完全不考虑人心，就绝对无法称之为精明的算计者。

当然，也有可能他们已经赚够了，什么都不在乎了。毕竟，空投从 7 月 9 日的推文说「coming soon」，直到今天也看不着任何 soon 的迹象。alon 说第 4 季度会是一个辉煌的季度，结果是冷冷清清一地鸡毛。毫不尊重社区的不透明沟通与玩笑一般的社区激励，让玩家们的反感值一升再升。

这让「战壕」如何说爱你，pump.fun？

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原文链接:https://www.theblockbeats.info/news/60352

说明: 比推所有文章只代表作者观点，不构成投资建议

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