pump.fun Co-founder: Most Altcoins Share the Same Use Case as Meme Coins

BlockBeats News, February 10th, pump.fun co-founder Alon Cohen stated that most tech-oriented altcoins share the same value proposition as Meme coins, but they usually have lower circulation, overly diluted fully-diluted valuation (FDV), and involve Venture Capital (VC) firms, which often use retail investors as exit liquidity.

Cohen made this remark in response to a tweet implying that the issuance of Meme coins on the pump.fun platform had disrupted the price cycle of altcoins. Cohen countered by stating that pump.fun had already existed before the altcoin market downturn in April 2024. He further explained the reason for the altcoin market crash in April 2024: "In the last cycle, retail investors suffered too much, and they will not easily return to invest in the so-called 'future of finance'."

Cohen believes, "Most working people do not care much about the technology; they care more about personal satisfaction." They want to make some money in trading while also enjoying the process. This discussion on social media highlights the increasing contradiction between altcoin investors focusing on technological practicality and traders who are purely speculative and ignore the actual use cases.