Memecoin Trading Dynamics: From Excitement to Frustration

Memecoin Trading: A Mixed Bag of Fun and Frustration

Memecoin trading is often seen as a potentially lucrative yet entertaining venture. However, recent fee cuts at the Solana-based memecoin launchpad, Pump.fun, have left many traders feeling that the excitement is waning. While it may not be as enjoyable for traders, the ongoing spectacle surrounding former President Donald Trump and his connections to the memecoin world is captivating for observers. Read on for more insights.

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TRUMP.FUN

Former President Donald Trump’s recent speech at the Bitcoin Nashville conference feels like a distant memory. He has now been overtaken by Vice President Kamala Harris as the frontrunner in this year’s U.S. presidential election, at least according to punters on the prediction-betting site Polymarket. Meanwhile, Trump’s name and that of his family members have increasingly become central to discussions about memecoins.

• Last week, Eric Trump tweeted about his newfound passion for Crypto and DeFi, hinting at a “big announcement,” as reported by CoinDesk’s Krisztian Sandor.
• The buzz escalated on Thursday with the launch of a cryptocurrency on Solana called Restore the Republic (RTR), which was rumored to be the official token of Donald Trump. Within hours, RTR’s market capitalization skyrocketed to $155 million.
• However, Eric Trump cautioned users against “fake tokens,” asserting that the “only official Trump project has not been announced.” Shortly after, RTR plummeted by 95%.
• Donald Trump Jr. also weighed in, expressing his appreciation for the crypto community’s enthusiasm for Trump but advising traders to be cautious of fake tokens claiming to be part of the Trump project.

On Monday, the former president held a Spaces session with X owner Elon Musk, during which they notably didn’t mention Bitcoin or crypto. This omission reportedly caused a decline in prices for tokens with names like MAGA Hat and Doland Tremp. According to Decrypt, around 10,000 tokens were launched during the session on the memecoin launchpad Pump.fun, which had eliminated its $2 issuance fee earlier that week, making token launches easier and cheaper.

One account on X noted that after Trump repeated the phrase “rough people” multiple times, at least 10 distinct memecoins were launched with that name. Some memecoin traders expressed their frustrations, stating that using Pump.fun was “not fun anymore” due to the overwhelming proliferation of “10,000 scams.” Yet, for some observers, the activity felt like a live news feed: “I don’t even need to watch the space when there’s Pump.fun,” one commenter remarked.

Elsewhere in the Crypto World

Ethereum Set For Overhaul of Crucial Programming Standard With ‘EVM Object Format’

Ethereum developers are gearing up for a significant upgrade that could bring transformative changes to the network’s programming environment, marking one of the most critical updates since the original smart-contract blockchain launched nearly a decade ago. The Ethereum Improvement Proposal (EIP) known as EVM Object Format (EOF) has been the subject of extensive discussions this year among developers, particularly due to security concerns raised by some participants. This proposal is set to be included in the upcoming Pectra hard fork, a major package of changes expected later this year or early next.

The EOF proposal consists of a series of smaller changes aimed at modernizing the Ethereum Virtual Machine (EVM), the programming environment that executes smart contracts on the blockchain. This environment has been pivotal in differentiating Ethereum from Bitcoin and other earlier distributed networks since its launch in 2015. The EOF aims to enhance developer experience, particularly for those creating decentralized applications using Solidity or Vyper programming languages. Given the delicate nature of these changes, which could potentially disrupt existing smart contracts, developers have introduced a new versioning system that allows dapp builders to choose which version of the EVM to deploy.

“EOF will be the first major EVM-related change in years,” noted Parithosh Jayanthi, a core developer at the Ethereum Foundation, in a text message to CoinDesk. “It sets the stage for future upgrades to the EVM and showcases the base layer’s commitment to ongoing improvements.”

Protocol Village

Top picks of the past week from our Protocol Village column, highlighting key blockchain tech upgrades and news.

• Fedi has launched a “community superapp” atop Fedimint, a protocol designed for community custody of bitcoin. On August 6, Fedi announced its commitment to fully open-source its software by January 2026, backing this pledge with a cryptographic hash of a PDF memo from May 4.
• Manta Pacific has become the first layer 2 (L2) blockchain to adopt a Multiple Data Availability (MultiDA) framework, promising uninterrupted service and cost efficiency without compromising user experience or fees. Collaborating with partners like Celestia and Nuffle Labs, Manta has reportedly saved users over $6 million since December 2023.
• Cubist introduced CubeSigner, a key management platform that claims to be the first dedicated solution for Babylon, a Bitcoin staking protocol, offering secure policy-protected workflows.
• Aleph Zero, a project focused on privacy, has launched an EVM-compatible layer-2 network using Arbitrum Orbit to enhance transaction speeds and efficiency.
• Stacks Foundation confirmed August 28 as the new target date to initiate the activation sequence for its long-awaited “Nakamoto upgrade,” which aims to enhance security, speed, and transaction throughput while ensuring “100% Bitcoin finality” and mitigating miner extractable value (MEV).