- Pump.fun buys Kolscan to track top traders, expand social trading tools.
- Kolscan stays free, promises faster updates, better data for all users.
- Cohen calls onchain trading social sport, plans new community trading features.
Pump.fun, a popular memecoin creation platform, has made its first acquisition. It bought Kolscan, a wallet-tracking tool that monitors top on-chain traders. The deal was announced on Thursday. This is a new phase of Pump.fun as it seeks to expand in a rapidly evolving crypto market.
Pump.fun Keeps Kolscan Free, Promises Faster Trade Updates
Kolscan stands for “key opinion leader scan.” It follows the actions of the best traders in the blockchain. Real-time transactions, profits, and even leaderboards can be visualized by users. This provides people with tips on who traders are on the winning side and how they do it.
As Pump.fun says, it is already planned to interconnect the data of Kolscan with its platform. This implies that users will soon look forward to new features. They will have access to superior tools to follow the leading trader, copy trade, and identify the best traders. According to Pump.fun, this will form “completely new experiences” in onchain trading.
Co-founder Alon Cohen shared more details on X, formerly Twitter. He added Kolscan will remain free to all. It is good news for the existing Kolscan users. Cohen also ensured to provide quicker trade updates, improved accuracy of data, and new tools on social trading.
For Cohen, on-chain trading is not just about making money alone. He terms it a social sport. Individuals engage in trade with their friends, share their outcomes, and acquire knowledge from one another. Further, he thinks that this social aspect is what makes traders busy. Pump.fun aims at continuing to increase its users by incorporating additional social tools.
Pump.fun used to dominate the Solana memecoin market. However, in the recent past, its share has fallen to less than 60 %. Meanwhile, it has also lost revenues. Competitors such as LetsBonk are becoming more powerful. That is why Pump.fun has to include new ideas to remain ahead. The purchase of Kolscan may be beneficial.
Pump.fun Shifts From Memecoins to Social Trading With New Tools
The new data tools will bring more value than just launching new tokens. When markets are risky, people seek useful information. Pump.fun will provide more incentives to use the site because it displayed the winning, and hence more reasons to remain.
This acquisition is also taking place on the eve of the large ICO that Pump.fun is celebrating. A cryptocurrency firm cannot get a bigger event than the Initial Coin Offering. Thus, the buyout by the Kolscan can facilitate increasing the trust of investors. It demonstrates that Pump.fun is strong with being dynamic by introducing new services and expanding its ecosystem.
Cohen commended the founder of Kolscan for creating an app that the traders can run daily. According to him, that is the indication that the product is sound and fulfills actual needs. He also indicated that projects are successful because of the traders themselves. Information concerning those who are investing, the time of investment, and the level of their belief may alter the fate of a project.
Overall, the first acquisition by Pump.fun is an indication of a change of approach taken by the latter. It not only aspires to be a platform to mint memecoins. It is aspiring to be the center of social trading, insights, and community. This mixed use of fun, data, and social tools can even enable it to gain market share back since there is increasing competition.
In the future, traders will monitor the progress of this plan. At this point, Pump.fun is gambling that responder dynamics and instantaneous data will be enough to maintain traders interested and faithful. In case it succeeds, it would define how people conduct trading on-chain in the future.
The post Pump.fun Buys Kolscan to Track Top Onchain Traders appeared first on Live Bitcoin News.