Emily Walker
The launchpad for Solana-based memecoins, Pump.fun, is currently facing significant backlash after users began misusing its Livestream feature. This misuse involves broadcasting inappropriate content in an attempt to artificially inflate the value of tokens, coinciding with a broader trend of dubious practices in the memecoin market.
Disruption in the Solana Memecoin Scene
On Monday, Pump.fun was criticized heavily after several individuals streamed violent content on the platform to gain attention and increase their token values.
This unsettling trend appears to have begun last week when a young trader introduced a memecoin called Gen Z Quant (QUANT), attempting to execute a rug-pull during a livestream. The crypto community, however, rallied around the token, driving its market cap to $80 million, while also doxxing the trader and his family as retribution.
Following this event, a surge of users exploited the livestreaming feature, creating numerous controversial Solana memecoins over the weekend aimed at increasing their valuations.
This tactic resembles strategies found on other live streaming services, where hosts promise actions upon reaching specific viewer milestones, which can involve anything from gifting to gaining followers. However, it has also been used to raise funds for various charitable efforts.
In a disturbing twist, some token creators have made threats of violence against themselves, others, or even animals if their coins fail to achieve a specific market cap. For instance, a 12-year-old threatened harm to his family if his token didn’t rise in value.
Other alarming instances included a young developer making threats of violence at his school, and a livestream featuring a shooting from a window every time a memecoin increased in value. Additionally, there were extremely inappropriate streams involving a bound woman and deeply offensive content promoting antisemitism and racism.
Community Response to Livestream Misuse
The actions taken on Pump.fun have sparked outrage within the crypto community, who are decrying the platform for allowing such content. Some have likened the situation to an episode of “Black Mirror,” emphasizing that regardless of the authenticity of these threats, they reflect a deeply concerning trend.
There are calls within the community for Pump.fun to either shut down completely or at least deactivate its livestreaming function, citing the potential harm these actions could cause to the broader industry image. Others argue, however, that the issue lies within cultural attitudes rather than being solely the fault of Pump.fun.
Despite the controversy, Pump.fun has proclaimed itself the leading token launcher for the year, significantly surpassing its competitors in terms of fees and revenue. Recent statistics indicate that it has facilitated the creation of over 3.82 million tokens and generated total revenue of $247 million, achieving a peak revenue day of over $14 million just recently, although the current outcry is overshadowing these achievements.
The platform’s leader, Alon, has acknowledged the surge in serious concerns regarding the content shared on the platform due to the popular livestreaming. He stated that while they strive to prevent malicious activities, more transparency and better moderation are required, especially as these troubling trends persist.
