Amol on Warpcast

Amol pfp

I wrote a report to the SEC👇 Note: I love memecoins and i think they’re here to stay but we have to fix what’s broken first. Back in October and November 2024, I started getting this gut feeling that something was off in the Solana memecoin space. It wasn’t just the usual market chaos—it felt controlled, like there was some invisible hand orchestrating the whole thing. By mid-December, after digging through on-chain data, tracking connected wallets, and mapping out the key players, I found more than enough proof of collusion. It wasn’t just random farmers and botters—it was a coordinated system. The same groups controlled everything: the pumps, the dumps, the narratives. It made me completely rethink the idea that memes were this organic, free-market phenomenon. But here’s the catch: unless you’re in the inner circle, you’re getting dumped on. Plain and simple. Retail traders, newcomers, even experienced memecoin traders who aren’t part of these insider networks? 1/2

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Amol pfp

They’re just exit liquidity. And it’s not like a casino where the house has the edge—this is more like getting robbed at gunpoint outside the casino. I put together a report breaking down exactly how this system operates—the wallets, the transactions, the pump cycles, the off-chain coordination. One week later, the SEC charged Pump fun. But here’s the problem: they went after them for the wrong reasons. Instead of addressing the massive manipulation and cartel-like control over the market, they focused on the mechanics of how it operated. They missed the bigger picture—how a handful of insiders are systematically siphoning money out of the space. 2/3

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Amol pfp

Look at some of these recent meme coin plays: the Milei memecoin in Argentina, the Trump coin, the Dave Portnoy coin—these aren’t about crypto. These people don’t care about decentralization, innovation, or community. They’re pure value extractors using crypto as a tool to move money from retail to their own wallets. I’d argue 99% of memecoins are just extraction schemes—nothing is being built, nothing is progressing. It’s just a game of passing the bag to the next sucker. This is the reality of memecoins right now. It’s not “degen culture.” It’s not “fair markets.” It’s a rigged system where the winners are predetermined. And until regulators and the space itself address that, nothing changes. P.S I’m doing my part to help make the space better in a few ways. At the end of the day, I still believe we are building something meaningful in crypto. For now, we have to clean up this mess of memecoins value extractors. 3/3

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itslemon.eth 🎩 pfp

itslemon.eth 🎩

You put into words things I've also been feeling. This is an excellent view of what could very likely and probably is taking place.

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