Solidus Labs' analysis, released December 11, 2025, applied compliance-grade fraud detection methodology to the full corpus of Pump.fun token launches from platform inception through November 2025. The findings paint a stark picture of the platform's actual function as opposed to its marketed function.

Headline statistics: of approximately 7,000,000 tokens deployed on the platform, only approximately 97,000 (1.4%) maintained any meaningful liquidity beyond initial deployment. Of the tokens that did "graduate" to Raydium pools (the platform's primary distribution mechanism), 93% exhibited soft-rug-pull characteristics: deployer wallets gradually distributing tokens through wash patterns prior to a coordinated exit dump.

The Solidus methodology operates on automated pattern detection across known fraud signatures — sniper-bot accumulation, deployer-cluster funding patterns, liquidity-removal sequences, and coordinated multi-wallet dumping. The firm has applied the same methodology in regulatory reports for the SEC, CFTC, and equivalent international bodies.

Pump.fun has publicly disputed the report, asserting that Solidus's definition of "soft rug pull" is overbroad and captures legitimate organic price discovery. The platform has not, to the Bureau's knowledge, published an alternative analysis of its own token-launch outcomes.

The Bureau's Memecoin Forensics Division has independently reviewed Solidus's methodology and finds it consistent with established compliance-industry standards. The Bureau's parallel investigation of the Pump.fun platform supports the broad findings of the Solidus report.

The Solidus report contributes to a growing body of empirical evidence supporting the structural-fraud characterization of the broader memecoin launchpad economy. The Aguilar v. Baton Corporation Ltd. class action complaint cites Solidus's methodology in its amended pleadings.