Once billed as “the most fun place on the internet” by its three Gen-Z founders, Pump.fun is now a case study in how quickly hype can curdle into crisis.Act I – The Spark: A Betrayal in Plain Sight In July 2025 Pump.fun announced its own token, PUMP, at a fully-diluted valuation of $4 billion. The problem? The team had built its brand on the slogan “every pre-sale is a scam.” When the same team launched a massive pre-sale for PUMP, the community called it betrayal. IOSG Ventures founder Jocy ...

Once billed as “the most fun place on the internet” by its three Gen-Z founders, Pump.fun is now a case study in how quickly hype can curdle into crisis.Act I – The Spark: A Betrayal in Plain Sight In July 2025 Pump.fun announced its own token, PUMP, at a fully-diluted valuation of $4 billion. The problem? The team had built its brand on the slogan “every pre-sale is a scam.” When the same team launched a massive pre-sale for PUMP, the community called it betrayal. IOSG Ventures founder Jocy ...