Solana-based memecoin launcher Pump.fun is in the middle of a storm after a wave of users abusing its Livestream feature to pump their tokens went viral. The latest malicious behavior comes amid the memecoin craze, which has seen many community members use deceptive tactics to capitalize on the sector’s popularity.
Solana Memecoin craze turns into live streaming chaos
On Monday, Solana’s Pump.fun faced backlash after several users streamed malicious and violent content using the platform’s live streaming feature to go viral and pump their tokens.
The “trend” appears to have started last week, when a 12-year-old trader launched a meme coin called Gen Z Quant (QUANT) and tried to attract investors during a live stream on Pump.fun. However, the cryptocurrency community seized the token, raising it to a market cap of $80 million, and branded the child and his family as “revenge.”
In the wake of this incident, there was a wave of users “taking advantage” of the live streaming feature. As online reports show, users created several Solana memecoins over the weekend using Controversial claims 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 giveaways, new followers, or views. It is worth noting that it has also been used to raise funds for charitable causes.
However, cryptocurrency creators threaten to harm themselves, nearby people, or animals if their meme coins do not reach a specified market value. According to reports, a 12-year-old boy declared that he would execute his family if his code was not pumped.
Users' controversial threats. Source: dumpy.fun on X
Likewise, one of the young “contractors” threatened to bomb his school. Another creator live-streamed himself shooting fire out of his window every time his memecoin went up. One user tied a woman wearing her underwear to a chair and promised to take off her clothes if the market value reached $100,000.
Some of the live streams promoted anti-Semitism and racism, including one that featured a man dressed as Hitler and people saying they “support” Nazis in chat. Meanwhile, a few users threatened and even committed various forms of abuse against children and animals.
Users are demanding that Pump.Fun be turned off
The cryptocurrency community has reacted to this controversial trend, criticizing the Solana memecoin platform for allowing such content on its platform. Many users have described the situation as a “Black Mirror episode,” noting that the ongoing behavior is a problem whether the rewards are real or just a controversial gag.
Part of the community called for the launchpad, or at least the live streaming feature, to be shut down, noting how harmful this content could be to the popularity of this sector. Meanwhile, others suggested that shutting down the platform was not the answer, claiming that this was a cultural issue, not a Pump.fun problem.
Crypto Community reacts to the livestream trend. Source: X
It is worth noting that Pump.fun was crowned the most popular coin launcher platform this year for facilitating the creation and deployment of meme currencies. The launch platform outpaced Ethereum and most Solana protocols during the third quarter, generating twice the fees and revenue generated by these projects.
According to Dune’s data, the Solana-based launcher has Spread out It has generated over 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, bringing in more than $14 million in one day, but it was overshadowed by the ongoing trend and criticism.
Platform leader Alon recently I confess “With live streaming in full force, many people have come forward with some very legitimate concerns regarding what content is allowed on the platform.”
He noted that their job is not to provide a platform for bad actors, but said the Pump.fun team “actively moderates illicit content on the site. This includes photos, videos, live streams, and comments. However, users continue to demand more transparency and better moderation with Continuation of the recent trend.
Solana (SOL) is trading at $251 in the weekly chart. Source: SOLUSDT on TradingView
Featured image from Unsplash.com, chart from TradingView.com