The “Memescope Monday” trading event flopped and has left traders with a bad case of the Monday blues after it failed to pull in the wins and highs of memecoins’ earlier days.
Last week, various memecoin traders built up hype for the event that would see a community of traders all buying and selling Pump Fun memecoins together in an attempt to boost trading volume and relive the trading days of 2024 and 2025.
One of the bigger voices calling for the event, a crypto influencer called Orangie, encouraged students to skip school and trade memecoins instead, before deleting the video.
The hype worked, and activity across Pump Fun increased, with the number of tokens created on Monday jumping by 83% in 24 hours, and Pump Fun’s daily volume increasing by 78% from the previous day.
However, the day saw more losses than wins, and now sentiment across crypto traders is poor, with users saying that “memecoins are over” and that Monday’s trading get-together was a “mass extraction event.”
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Crypto trader Scharo claimed that volume looked promising to begin with, but as soon as Orangie began his memescope stream and “got rinsed,” trading volume began to die.
Orangie shared that he lost over $3,000. His trading stream only lasted a couple of hours, and when he lost his earnings, he proceeded to play games on his PC instead.
Scharo claimed that “the moment [Orangie] stopped pushing, the trenches went quiet and retail disappeared.”
Scharo was also upset that neither Pump Fun nor its chief operating officer (COO), Alon Cohen, posted anything on the big day.
It’s unclear how involved Pump Fun was in the event’s creation, as the platform only made a single promotional post the night before.
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The crypto influencer RASMR noted that the third top trader on Monday, according to FOMO, only managed to make $12,000, with the second and top traders of the day making roughly $23,000 and $24,000.
He compared these trader profits to previous trader leaderboards where people would make over $500,000 on memecoins. As such, he claims the low wins show Memescope Monday was an “utter atrocious disaster” and how “dead everything is on-chain.”
Memescope Monday trader lost $90K to drainer
Other traders suffered losses outside their control, as one X account claimed that 1100 SOL (worth roughly $90,000) was stolen from them in a draining incident that took place during the event.
Thompsonrueul said, “I don’t know what to feel, and I don’t know what to do,” and pleaded for help from the crypto community. Their funds are reportedly still sitting in the thief’s wallet.
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Others noted that across the board, it was hard to make any profits on memecoins on Monday as more experienced, dedicated traders were able to quickly sell their tokens using the liquidity of newcomers.
Indeed, that seemed to put off the crypto influencer Gainzy, who said that it’ll mainly be traders quickly selling their tokens.
He said, “The people that make the most money on memes have the shortest hold time. They’re farming you, you’re exit liquidity, this should be very obvious.”
It was no surprise for most, as there was already a consensus before the event that it would be a perfect opportunity for pump-and-dumpers to make profits.
Memescope Monday only managed to move the price of Pump Fun’s token up by 4% yesterday. It has since fallen lower from this point and is now 81% down from its all-time-high last year.
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