Pump.fun, the Solana-based memecoin launchpad, is in the middle of a storm after a wave of users misusing its Livestream feature to pump their tokens went viral. This recent harmful behavior comes amid the memecoin cycle frenzy, which has seen many community members use deceptive tactics to profit from the sector’s popularity.
Solana Memecoin Frenzy Turns into Live Stream Chaos
On Monday, Solana’s Pump.fun faced heavy backlash after several users spread harmful and violent content using the platform’s Livestream feature to go viral and pump their tokens.
The “trend” appears to have started last week, when a 12-year-old trader launched a memecoin called Gen Z Quant (QUANT) and attempted to attract investors during a Pump.fun livestream. However, the crypto community picked up the token, brought it back to a market cap of $80 million, and called the child and his family “revenge.”
Following this incident, a wave of users “taking advantage” of the live streaming functionality was triggered. 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 on other live streaming platforms, who promise to do something if they achieve a specific goal. The goal could be giveaways, new subscribers, or views. It is worth noting that it has also been used to collect donations for good causes.
Nonetheless, crypto token creators threaten harm to themselves, nearby people, or animals if their memecoins do not reach a specific market capitalization. According to reports, a 12-year-old said he would execute his family if his token didn’t work.
Users' controversial threats. Source: dumpy.fun on X
Likewise, a young “promoter” threatened to blow up his school. Another creator livestreamed himself shooting out the window every time his memecoin went up. One user tied a woman in her underwear to a chair and promised to strip if the market cap reached $100,000.
Some livestreams promoted anti-Semitism and racism, including one in which a man dressed as Hitler and people saying they “support” Nazis in the chat. During this time, a few users threatened and even committed different forms of child and animal abuse.
Users call for Pump.Fun to be stopped
The crypto community reacted to this controversial trend, criticizing memecoin launcher Solana for allowing this content on its platform. Several users called the situation a “Black Mirror episode,” noting that the current behavior is problematic, whether the treats are real or just a controversial gag.
Part of the community has called for the launchpad, or at least the Livestream functionality, to be shut down, highlighting how this content could harm the industry’s popularity. Meanwhile, others suggested that shutting down the platform was not the solution, saying it was a cultural problem and not a Pump.fun problem.
Crypto Community reacts to the livestream trend. Source: X
It is worth noting that Pump.fun emerged as the most popular token launcher this year for making it easier to create and deploy memecoins. Launchpad overtook Ethereum and most Solana protocols in the third quarter, generating twice as much fees and revenue as those projects.
According to Dune data, the Solana-based launchpad has deployed more than 3.82 million tokens since its inception and generated a total revenue of $247 million. Notably, Pump.fun had its biggest revenue day on Saturday, with over $14 million in one day, but the current trend and criticism overshadowed it.
The platform’s leader, Alon, recently acknowledged that “with the live streaming meta in full force, many people have raised very legitimate concerns about the content allowed on the platform.”
He stressed that their job is not to give a platform to bad actors, but argued that the Pump.fun team “actively moderates illicit content on the site.” This includes images, videos, live streams and comments. However, users continue to demand 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
