PANews reported on May 20 that according to BeInCrypto, data from blockchain analysis platform Dune showed that there were a large number of trading robots manipulating the market on the Solana chain Meme coin issuance platform Pump.fun. These robots create false liquidity through high-frequency small transactions, accounting for 60%-80% of the trading volume of some tokens, forming an "agency paradox" phenomenon - false trading volume triggers retail investors' FOMO emotions, which in turn pushes up prices to facilitate robots to cash out and leave.

Analysts point out that such operations distort market signals and invalidate indicators based on transaction volume. Although it brings stress testing and temporary liquidity to the Solana network in the short term, it may harm the health of the ecosystem in the long run. At the same time, Pump.fun is facing challenges from emerging competitors such as LetsBonk, which are grabbing market share with faster coin listing speed and developer participation. Solana's first quarter report in 2025 shows that despite the increase in network revenue and the decrease in fees, the total locked volume (TVL) of DeFi has declined, exposing the sustainability concerns behind the Meme coin craze.