Solana-Based Pump.fun Under Fire for $741M Fees and Scam Controversies

Pump.fun, a popular Solana-based meme coin launchpad, has sparked significant backlash after reportedly accumulating $741 million in fees from the sale of 4.1 million SOL tokens. While the platform has experienced rapid growth, its reputation has been tarnished by allegations of facilitating high-risk speculative coins, some linked to disturbing live stream incidents and scams. Crypto influencer Bitlord recently criticized Pump.fun, accusing the platform of extracting $20 billion from users. This controversy highlights the ongoing challenges and risks within the meme coin and decentralized finance (DeFi) sectors on Solana. Despite the negative press, the Solana ecosystem continues to attract attention, with developers and investors closely monitoring regulatory and community responses to such platforms. The situation underscores the need for greater transparency and accountability in the rapidly evolving cryptocurrency space.

Pump.fun Faces Backlash Over $741M Fees and Scam Allegations

Pump.fun, a Solana-based meme coin launchpad, has come under fire after amassing $741 million in fees from the sale of 4.1 million SOL tokens. The platform's rapid growth has been overshadowed by accusations of facilitating high-risk speculative coins, some tied to disturbing live stream incidents and alleged scams.

Crypto influencer Bitlord lambasted Pump.fun in a recent post, claiming the platform extracted $20 billion from the ecosystem through scams. "The application is a disease responsible for mass killings and suicides on livestream," Bitlord wrote, calling for its removal from the internet.

Blockchain analytics firm LookOnChain reports the $741 million fee haul began accumulating in May 2024. The controversy highlights growing tensions between innovation and accountability in decentralized finance.

VanEck Registers Spot Solana ETF Ticker with DTCC as SEC Decision Looms

VanEck has taken a concrete step toward launching a spot solana ETF, registering the fund's ticker (VSOL) with the Depository Trust & Clearing Corporation. The move comes amid a flurry of SOL ETF applications from major asset managers including Fidelity, Franklin Templeton, and 21Shares.

Market sentiment appears divided on approval prospects. Polymarket's prediction odds have swung dramatically from 71% to 55% within weeks, while Bloomberg's James Seyffart maintains a bullish 90% probability estimate. Seyffart notes the SEC's acknowledgment of 19b-4 filings and suggests regulators may view SOL as a commodity rather than a security.

The ETF landscape continues its explosive growth in 2025, with over 800 new funds launched year-to-date according to Bloomberg data. This institutional momentum bodes well for crypto-based products, though Solana faces stiffer regulatory headwinds than Bitcoin or ethereum ETFs encountered.

USELESS Token Surges 2,000% as Crypto's Latest Meme Cult Coin

The Solana-based USELESS coin, a memecoin with no utility or roadmap, has skyrocketed 2,000% in two weeks, peaking at a $100 million market cap. Its ironic 'literally useless' pitch has attracted 12,000 holders and $23 million in daily volume, embodying the speculative frenzy around joke tokens.

Unlike Dogecoin or Pepe, USELESS lacks a mascot but thrives on community-driven irony. 'Every memecoin is technically useless... yet here we are,' remarked a backer, highlighting its absurd appeal. The token’s rise underscores crypto’s appetite for narratives, however hollow.

Gradient Network Secures $10M Seed Funding to Decentralize AI on Solana

Gradient Network, a decentralized artificial intelligence infrastructure project built on Solana, has closed a $10 million seed funding round led by Pantera Capital and Multicoin Capital. The investment signals growing institutional confidence in blockchain-based AI solutions as the sector grapples with centralization risks.

The funding will support Gradient's vision for a "machine internet" powered by decentralized primitives—compute, communication, and orchestration layers that challenge the dominance of centralized AI platforms. "Current AI capabilities are concentrated in a few hands, creating unacceptable risks of privacy violations and monopolistic control," the project stated in a blog post accompanying the announcement.

Two new protocol components—Lattica and Parallax—were unveiled alongside the funding news, though technical details remain undisclosed. The developments come as crypto-native projects increasingly position decentralized infrastructure as the antidote to Big Tech's AI hegemony.

VanEck’s Solana ETF (VSOL) Listed on DTCC, Hinting at Launch

VanEck's Solana ETF, trading under the ticker VSOL, has appeared on the Depository Trust & Clearing Corporation (DTCC) website, signaling a potential near-term launch. This development marks a significant step toward institutional adoption of Solana-based investment products.

The listing suggests regulatory progress for crypto ETFs beyond Bitcoin and Ethereum, potentially opening new avenues for altcoin exposure in traditional markets. Market observers view this as a bullish indicator for Solana's ecosystem and broader altcoin liquidity.

Solana’s Weekly Losses Mount Up – Will SOL Price Slide Further?

Solana faces mounting weekly losses as technical indicators turn bearish. The Ichimoku Cloud and EMA structures suggest persistent downward pressure, with key resistance levels holding firm and support zones under threat. A clear reversal appears necessary to stem the slide.

Momentum wanes as Solana's Relative Strength Index (RSI) plunges to 40.77 from 64.25 in just 48 hours. The sharp decline reflects accelerating selling pressure and eroding bullish sentiment. Traders now eye the 40 RSI threshold—a breach could signal deeper losses, while stabilization might precede consolidation.

The cryptocurrency's technical posture darkens as the bearish Ichimoku structure reinforces selling pressure. Market participants await either capitulation or reversal signals before committing to new positions.