“Expecting the same playbook from last cycle to work again just doesn’t seem realistic,” Pump.fun co-founder Alon Cohen wrote on X.
Pump.fun co-founder Alon Cohen said that most tech altcoins feature the same value proposition as memecoins but come with low float, high fully-diluted value, and the involvement of venture capitalists, who are notorious for using retail traders as exit liquidity.
Cohen was responding to a post insinuating that the memecoin launch platform derailed the altcoin price cycle and said that Pump.fun existed months before the altcoin sector experienced a downturn starting in April 2024.
“Retail was burned too hard last cycle to just come back to invest in the ‘future of finance,'” Cohen wrote as an explanation for the April 2024 altcoin crash.
Read more,Visual Description:
The image captures a high-contrast, vibrant, and somewhat surreal scene depicting a large, intricate board game set in a futuristic urban landscape at twilight. The board game represents the cryptocurrency market, featuring various pieces shaped like coins and tokens, each bearing different tech and memecoin logos. The coins are connected by glowing, neon-colored paths that twist and turn, creating a dynamic pattern of rises and falls, symbolizing the volatile altcoin price cycle.
In the foreground, a character resembling Alon Cohen, co-founder of Pump.fun, is depicted as a strategic player in this game. He is placing a unique, glowing game piece on the board, distinct from the others, symbolizing his innovative approach in a repetitive game. His expression is focused yet skeptical, reflecting his critical view of the current market strategies.
Above the board, holographic displays float, showing graphs and data analytics, illuminating his face with their cool blue light, emphasizing his analytical approach to the market. Off to the side, shadowy figures represent venture capitalists, portrayed with exaggerated, slightly ominous features, observing the game from a distance, adding an element of tension.
The background skyscrapers are awash with the last light of sunset, casting long shadows and creating an atmosphere of an ending era. Neon lights start to flicker on, suggesting the beginning of something new in the tech world. The palette combines deep blues, purples, and electric neon hues, highlighting a tech-savvy, forward-looking, yet unstable and speculative market environment.
Overall, this image conveys the concept of cyclical challenges and strategic gameplay within the high stakes world of cryptocurrency investing, emphasizing innovation and critique against a backdrop of traditional market maneuvers.
