Pump.fun founder Alon Cohen: Most alts and memes are no different! Making users money is the key

Biqunzi (120Btc.coM ): AltCoin has performed poorly in this market cycle, and a recent tweet suggests that Pump.fun, a Solana-based Meme coin issuance platform, emerged last year and disrupted the AltCoin market cycle. Pump.fun caused funds to flow from AltCoin to chain-based Meme coins, which is the main cause of the disastrous decline in the AltCoin market.

However, in response to the above statement, Alon Cohen, co-founder of Pump.fun, wrote a post to refute it.

**Pump.fun is to blame for the AltCoin downturn? **

Regarding the mention of the AltCoin crash in April 2024 in the tweet, Alon Cohen refuted that Pump.fun was not the main cause of the AltCoin market crash, as Pump.fun had already been launched several months before the decline of the AltCoin market in April 2024.

And Alon Cohen explained that Pump.fun is just a product that reflects market demand. If this platform does not exist, there will be similar products in the market, making it easier for people to issue meme coins, which is exactly what the market needs. At the same time, no one forces users to buy meme coins. Before Pump.fun appeared, meme coins were already very popular. After Pump.fun went online, it grew entirely by natural market demand, without any KOL being paid to promote this platform. People use Pump.fun simply because its product experience far exceeds other choices on the market.

In Alon Cohen's view, most ordinary people with daily jobs simply don't care about technology. What they care about is personal satisfaction. In other words, these investors hope to make a small profit in trading and enjoy the fun, rather than simply pursue technological innovation.

Most AltCoins are no different from memes

Alon Cohen believes that the value proposition of most tech-oriented AltCoins is similar to that of memes, with the only difference being that these tokens have a lower circulation and fully diluted valuation ( FDV ) is extremely high, and they are backed by VCs. However, these VCs often treat retail investors as 'liquidity exits', meaning they sell off assets when the coin price rises, causing retail investors to bear significant risks. In fact, the cryptocurrency market is maturing, and investors are becoming more cautious, choosing suitable investment targets. I understand that people want to find a scapegoat to rationalize the current market situation, but the truth is that there is no specific person or product responsible for this market plunge. In the previous market cycle, retail investors were hurt too deeply and they will not easily return to invest in the so-called 'financial future'.

Regardless, the debate highlights the tension that exists within the crypto community, between investors who are concerned about the use of technology on the one hand, and traders who are purely engaged in price speculation, who are not interested in the actual use case, but on the opportunity to profit from price fluctuations.