WHY PUMP.FUN ISN'T THE REAL PROBLEM

Summary from the TLDR Crypto newsletter

The “Pump.fun is the enemy” backlash repeats what happened to OpenSea when NFTs faded. When a speculative asset class stops paying, the platform tied to it becomes the villain. Memecoins are exhausted, liquidity is fragmented, and average traders now compete against professionals. Removing Pump.fun wouldn't fix that, because another platform would take its place. People are seeking a platform-level fix for a market-level problem. However, some of Pump.fun's decisions deserve criticism regardless.