- Pump.fun has acquired wallet-tracking platform Kolscan.
- Profits totaling over $3 million were made by traders who bought Kolscan’s token before the public announcement.
- Kolscan’s token value rose from about $500,000 to $22 million after the deal, before dropping to $4 million.
- The memecoin market’s value has dropped by around half since peaking at $127 billion in December.
- Pump.fun aims to expand its social trading ecosystem by integrating tools like Kolscan.
Pump.fun, a memecoin generator on the Solana Blockchain, announced on Friday that it acquired the wallet-tracking platform Kolscan. The acquisition is part of Pump.fun’s strategy to build a larger ecosystem around social trading.
After the announcement, onchain data showed a group of connected wallets made more than $3 million by buying Kolscan’s token before the deal was made public. Kolscan’s token price jumped from around $500,000 to $22 million within an hour, then fell to $4 million. One trader reportedly earned $37,000 from an investment of less than $400.
The memecoin market has seen significant declines, with total market value falling about 50% from the December peak of $127 billion, according to CoinMarketCap. Pump.fun faces competition from LetsBonk, another platform popular for creating memecoins on Solana.
Co-founder Alon of Pump.fun said the company’s vision is to build a crypto social media platform “that can scale to the billions.” He described trading as a social activity and called products with social insights and gamification important for ecosystem growth. “For those reasons, we believe that products that provide social insights or tools and gamify the trading experience are key to growing our ecosystem,” Alon wrote on X.
Kolscan tracks wallets used by KOLs, or Key Opinion Leaders, whose online influence can affect token prices quickly. The platform allows users to follow and copy-trade KOLs, leveraging their impact on the memecoin market.
Pump.fun declined to disclose the acquisition price. Both Pump.fun and Kolscan did not respond to requests for further comment.
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