Solana-based meme-coin launchpad Pump.fun has halted UK access after an FCA warning for operating without authorization

Pump.fun ban triggers decline in Solana meme coins; investors eye Lunex Network for DeFi This coincides with declining prices for Solana meme coins like Bonk and DogWifHat (WIF), amid a broader market downturn. While the impact of Pump.fun's closure is uncertain, investors are eyeing more sustainable projects like the DeFi crypto exchange Lunex Network

Pump.fun, a Solana-based meme-coin launchpad, has restricted access to users in the United Kingdom following a warning from the Financial Conduct Authority (FCA). The platform was operating without the required authorisation to provide or promote financial services. Solana-based meme coins, including Bonk and DogWifHat (WIF), have experienced price declines, coinciding with a broader market downturn. The impact of Pump.fun’s shutdown on these prices remains unclear. Investors seeking to mitigate risks associated with meme coins may consider more sustainable projects, such as the new DeFi crypto exchange, Lunex Network.

Lunex Network (LNEX): DeFi, simplified

Decentralised Finance (DeFi) is the most significant innovation on the blockchain since the advent of the blockchain itself. What Bitcoin is to gold, DeFi is to banks and finance houses: a way to access finance in the open market on a peer-to-peer basis without the gatekeepers of banks.

However, in order to access DeFi, one needs a Master’s in Finance and a PhD in Computing. The new crypto exchange Lunex Network changes all that. Lunex Network is a new hybrid CEX/DEX exchange, and on the face of it, it solves many trading problems. Over 50,000 liquidity pairs, AI trading bots, and non-custodial wallets are just some of the features Lunex Network offers. However, it’s in DeFi where Lunex Network shines.

Lunex Network offers traders all users unprecedented access to DeFi in a platform that is easy enough to use for first-time traders yet is robust enough for professionals. Lunex is an absolute game changer and a massive investment opportunity.

Bonk (BONK): Solana meme coin loses momentum

Bonk is the fifth-largest meme coin by market cap, trailing Dogecoin, Shiba Inu, Pepe, and WIF. Bonk, however, lost 22% of its market cap in just 48 hours. While it’s easy to couple this downturn to the Pump.fun ban, the truth is the entire market is down. The total crypto market capitalisation has declined by 6.1%. While it is impossible to directly attribute this to the Pump.fun ban, it would be unwise to dismiss the possibility of a connection.

Bonk, one of Solana’s flagship meme coins, has returned about 170% on YTD figures. This is not bad going for TradFi, but in terms of meme coins, Bonk is an underperformer.

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DogWifHat (WIF): On the decline

DogWifHat (WIF) has surged by over 60,000% since its launch a year ago, making its 18% decline in the past 24 hours far from a cause for concern. WIF is arguably one of the more frivolous and banal coins, and in the company of Pepe, that is saying something.

However, many argue that a meme coin is an indicator of the overall health of the parent chain, and WIF shows that Solana is doing very well overall. Meme coins, though, tend to crash even when the parent chain is doing well, and investors need to take due care when investing in meme coins such as WIF.

Meme coins such as WIF and Bonk are highly profitable but highly volatile. They can make great investments, but investors run the risk of losing their shirts. Investing in coins with a real-world utility such as Lunex Network is far wiser. Its enhanced crypto trading platform and unparalleled DeFi capacity make it a game changer.

Lunex Network is now available at $0.0044.

You can find more information about Lunex Network (LNEX) here:

Website: https://lunexnetwork.com
Socials: https://linktr.ee/lunexnetwork

Email - [email protected]
Phone Number - +1 (848) 216-1811

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The above content is non-editorial, and TIL hereby disclaims any and all warranties, expressed or implied, relating to the same. TIL does not guarantee, vouch for or necessarily endorse any of the above content, nor is it responsible for them in any manner whatsoever. The article does not constitute investment advice. Please take all steps necessary to ascertain that any information and content provided is correct, updated and verified.

This story originally appeared on: India Times - Author:Faqs of Insurances