Solana-based memecoin launchpad Pump.fun is in the middle of a storm after a wave of users misusing its Livestream feature to pump their tokens became viral. The recent harmful behavior comes amid the cycle’s memecoin frenzy, which has seen numerous community members use deceitful tactics to profit from the sector’s popularity.
Solana Memecoin Frenzy Turns Into Livestream Chaos
On Monday, Solana’s Pump.fun faced heavy backlash after several users broadcasted harmful and violent content using the platform’s Livestream feature to become viral and pump their tokens.
The “trend” seems to have started last week, when a 12-year-old trader launched a memecoin called Gen Z Quant (QUANT) and tried to rug-pull investors during a Pump.fun’s livestream. However, the crypto community took over the token, rallied it to an $80 million market capitalization, and doxxed the kid and his family as “revenge.”
Following this incident, a wave of users “taking advantage” of the livestream feature sparked. As online reports show, users created numerous Solana memecoins over the weekend using controversial prompts to pump their tokens.
This trend mimics the tactics of users from other live streaming platforms, who promise to do something if they reach a specific goal. The goal could be gifts, new followers, or views. It’s worth noting that it has also been utilized to collect donations for good causes.
Nonetheless, crypto token creators are threatening to harm themselves, people nearby, or animals if their memecoins don’t reach a specific market capitalization. Per the reports, a 12-year-old declared he would execute his family if his token didn’t pump.
Users' controversial threats. Source: dumpy.fun on X
Similarly, one young “developer” threatened to bomb his school. Another creator livestreamed himself shooting out his window every time his memecoin went up. One user had a woman in her underwear tied up on a chair and promised to take off her clothes if it hit a $100,000 market cap.
Some live streams promoted antisemitism and racism, including one that had a man dressed up as Hitler and people stating they “support” Nazis in the chat. Meanwhile, a few users threatened and even performed different forms of child and animal abuse.
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.
Part of the community called for the shutdown of the launchpad, or at least the Livestream feature, pointing out how harmful this content could be to the sector’s popularity. Meanwhile, others suggested that shutting down the platform wasn’t the solution, claiming that this is a cultural problem, not a Pump.fun’s problem.
Crypto Community reacts to the livestream trend. Source: X
It’s worth noting that Pump.fun crowned itself as the most popular token launcher this year for facilitating the creation and deployment of memecoins. The launchpad surpassed Ethereum and most Solana protocols during Q3, making twice as much fees and revenue as these projects.
According to Dune data, the Solana-based launchpad has deployed over 3.82 million tokens since its creation and generated a Total Revenue of $247 million. Notably, Pump.fun saw its largest revenue day on Saturday, making over $14 million in one day, but the ongoing trend and criticism have overshadowed it.
The platform’s leader, Alon, recently acknowledged that “with the live streaming meta on in full force, many people have come forward with some very legitimate concerns regarding what content is allowed on the platform.”
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.
Solana (SOL) is trading at $251 in the weekly chart. Source: SOLUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
Credit: Source link
