Platform allowing traders to short meme coins goes live
|- Dumpydotfun beta version has gone live, enabling traders to short meme coins.
- Several recently launched meme coins have experienced a 90% drawdown from their all-time highs.
- Pumpdotfun has generated over $75 million since its launch.
Dumpydotfun's beta version went live on Tuesday, allowing investors to short meme coins that are likely to end in the red zone.
Dumpydotfun meme coin shorting goes live
Solana meme coin shorting platform Dumpydotfun's beta version went live today. The platform allows users to short tokens if they see no potential for price appreciation. Following Pumpdotfun's success in launching several meme coins and generating outsized revenue, the platform appears to be another meme coin experiment.
Several meme coins launched through Pumpdotfun experienced drawdowns of almost 90% from their all-time highs. Due to these tokens' absence on derivatives exchanges, traders who predicted their fall were unable to short them.
However, the outlook has changed with the launch of Dumpydotfun, and several recently launched meme tokens could experience rapid declines compared to previous times.
For example, several tokens in the Pumpdotfun ecosystem are currently down, with weekly losses ranging from 10% to over 50%. Coins like BILLY, MICHY and MOTHER, which dominated the headlines last month, are down by 32%, 27% and 15%, respectively.
However, their decline hasn't slowed down Pumpdotfun, which has been raking in high revenue since its launch. It ranks number nine among the top protocols by revenue earned in the past 30 days.
The move now places its entire revenue since launch at $75.49 million.
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