Pump Fun paid $700K to callers shilling mostly tiny tokens

The average market cap of Pump Fun tokens shared by 80% of the firm’s top 50 callout reward earners was below $100,000, according to research from crypto analyst Dethective.

Pump Fun traders earn daily sums based on the amount of volume their publicly shared token advice attracts from other traders.

Dethective charted the top 50 callout reward earners, who raked in a total of almost $700,000.

Few users call out tokens that reach over $100K

There were only two callers with an average median market cap rate of over $1 million, and eight callers with an average median market cap rate between $100,000 and $1 million.

Read more: Pump Fun is firing staff and its company filings are overdue, report

Eighty percent of the earners shared tokens with an average market cap of less than $100,000, while 12 callers averaged a market cap of less than $10,000.

Martin Shkreli makes $11K from callout rewards

Martin Shkreli joined Pump Fun this week, and his closely tied memecoins were down 94% in 24 hours. 

Despite this, Shkreli has made almost $11,000 from callout rewards. He’s shared 11 callouts with an average market cap rate of $220,000. 

Someone made $6.8K with 2,417 call outs

The highest earner of callout rewards was Pump Fun user “Slingoor,” who earned $47,500 sharing 215 callouts. Their average market cap rate was almost $149,000. 

Meanwhile, the lowest top earner made $6,100 from sharing 624 callouts. Their average market cap rate was over $13,000. 

One top 50 earner shared 2,417 calls and made $6,800. Their average market cap rate was $3,600. 

Pump Fun was rewarding quantity over quality

Onlookers have noted that most of the users receiving these rewards are already key opinion leaders onboarded by the platform. 

Users also complained that the platform was unfairly rewarding the sheer number of callouts rather than their quality. 

Because of this, Pump Fun’s Chief Operating Officer Alon Cohen claimed the firm has “significantly reduced the weighting of the number of callouts that a user produces within the callout rewards calculation.”

Over the last month, Pump Fun’s token has increased by 133%. However, it’s still down 46% from it’s all time high last September. 

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