I've been using this platform for a while, and honestly, I've wasted a lot of SOL. Although I've stopped, I still see some PumpDotFun coins trending on DEXTools with more than $1M market cap which mostly starts from $30k or $20k marketcap depending on the DEV holdings. I've always thought the idea of a good memecoin from PumpDotFun was seeing the coin having a good website and active community, but now I realize it's just luck and timing. It's probably about knowing the right time when a celebrity is about to launch their token.
Does anyone have better idea on how to identify reliable tokens or avoid rug pull tokens on pumpdotfun?
I have no prior experience of this platform but what I can tell you is to avoid it, I myself showed interest in starting my meme coin investment from the grassroot, which is to begin from platforms like pump.fun, but some one with a good experience there adviced me to not try it, he told me to completely avoid pump.fun, that it is a play ground for the rich, that I should only invest in memecoins that are already listed on two or more reliable exchanges.
He told me it's always a good thing to invest a good meme coin as early as it is launched on pump.fun, but then, that the chances of success from this platform is as bad as zero.