As a seasoned crypto investor with over a decade of experience in this wild and unpredictable world, I’ve seen my fair share of market mania, scams, and fads. The recent events surrounding Solana-based memecoin launchpad Pump.fun have left me both appalled and disheartened.
Pump.fun, a platform for launching memecoins built on Solana, is facing a turbulent period due to a trend of users exploiting its Livestream function to artificially inflate token prices. This controversial action has gained traction and sparked concern as it coincides with the current wave of hype surrounding memecoins. In this frenzy, many participants have resorted to using deceptive strategies to capitalize on the popularity of the sector.
Solana Memecoin Frenzy Turns Into Livestream Chaos
On Monday, the Livestream function on Pump.fun by Solana received intense criticism following incidents where some users streamed harmful and aggressive content with the intention of making it go viral and inflate their token prices.
It appears that the phenomenon or surge of interest in a new memecoin called Gen Z Quant (QUANT) began last week. This coin was created by a 12-year-old trader during a live stream on Pump.fun, who attempted to manipulate investors through a tactic known as rug-pulling. However, the cryptocurrency community took control of the token, propelled it to a $80 million market capitalization, and exposed the boy and his family in retaliation.
After this occurrence, there was an influx of users exploiting or making use of the livestream function in a significant manner. According to digital news sources, these users generated a multitude of Solana-based meme tokens during the weekend, employing provocative phrases to artificially increase the value of their coins.
As a crypto investor, I’ve noticed a trend that mirrors the strategies of users on other live streaming platforms. They make promises when they reach certain milestones, such as gifts, new followers, or increased views. It’s important to note that this tactic has also been used to gather donations for worthy causes.
Despite this, individuals who create crypto tokens are making alarming threats, such as hurting themselves, those around them, or animals, if their memecoins fail to reach a particular market value. According to the reports, a 12-year-old has even gone so far as to threaten to harm his family if his token doesn’t increase in value.
A similar scenario occurred with another individual who was labeled as a “developer.” This person threatened to detonate at his school. Meanwhile, another content creator broadcasted himself firing shots each time his memecoin increased in value. A different user displayed a woman seated on a chair in her undergarments and promised to remove her clothing if the market cap reached $100,000.
In some live broadcasts, there were instances of hate speech, such as antisemitism and racism. One example featured an individual dressed as Adolf Hitler, while viewers expressed support for Nazi ideologies in the chat room. Regrettably, a number of users also made threats and engaged in various forms of child and animal abuse during these broadcasts.
Users Call For Pump.Fun’s Shutdown
The crypto community reacted to the controversial trend, criticizing the Solana memecoin launcher for allowing this content on its platform. Several users called the situation a “Black Mirror episode,” noting that the ongoing behavior is problematic whether the treats are real or just a controversial gag.
A segment of the community advocated for halting or at least discontinuing the broadcast from the launchpad, expressing concerns about the potential negative impact on the sector’s reputation. On the other hand, some members argued that closing down the platform altogether wasn’t the answer, arguing instead that this is a societal issue rather than a problem specific to Pump.fun.
It’s noteworthy to mention that Pump.fun has claimed the title of the leading token launcher in 2021 due to its role in simplifying the process of creating and distributing memecoins. In Q3, this platform outperformed Ethereum and many Solana-based protocols, earning twice as much in fees and revenue compared to those projects.
As per Dune’s data analysis, the launchpad built on Solana has distributed approximately 3.82 million tokens since its inception, amassing a total revenue of around $247 million. It is worth mentioning that Pump.fun recorded its highest single-day revenue of over $14 million on Saturday. However, the ongoing pattern and criticism seem to outshine this significant achievement.
On full blast, the live streaming feature of our platform has sparked genuine worries among users about the type of content that can be shared. Alon, our leader, has acknowledged these concerns recently.
He noted that it’s their work not to give a platform to bad actors but argued that Pump.fun’s team “actively moderate illicit content on the site. That includes images, videos, live streams, and comments.” However, users continue to ask for more transparency and better moderation as the recent trend continues.
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2024-11-26 11:42