Rune Criticizes Pump.fun's MemeStocks Launch, Calls for Greater Innovation

According to ME News, on September 10 (UTC+8), crypto trader Rune (@RuneCrypto_) posted on X that Pump.fun holds over $2 billion in cash and has a valuation of approximately $4.4 billion, making it one of the most influential platforms in the current meme coin market cycle. However, since introducing its Bonding Curve model, its subsequent product expansions have largely followed after other teams have validated market demand. Rune cited examples: after Axiom rose in prominence, Pump acquired Padre and rebranded it as Terminal; after FOMO emerged, Pump added social features and competed for KOLs; and now, following the appearance of meme coin and stock-linked products on BNB Chain, Robinhood, Stonks, and Base, Pump has launched a similar MemeStocks feature. Rune noted that this strategy is not ineffective—Padre’s market share rose from around 2% to 10% after acquisition—but as a leading platform with substantial capital and resources, Pump should focus more on creating novel products untested by the market, rather than continuously replicating existing models. Otherwise, it may dampen the incentive for smaller teams to innovate, ultimately slowing the industry’s overall pace of development. (Source: ODAILY)