- A Solana developer was hospitalized with severe burns after a live streaming stunt.
- Fireworks and alcohol were involved in a dangerous promotional attempt.
- The cryptocurrency community reacts with mixed emotions and ethical concerns.
The Memecoin project is known for its unconventional and often controversial promotional tactics. For example, one project attempted to attract Elon Musk’s attention with a larger-than-life statue. In a crowded field, projects will do almost anything to stand out.
Most recently, one of the developers of the Solana meme coin took this to the extreme. The founder of the ‘Truth or Dare’ coin was seriously injured in a livestream incident that sparked interest in the ethics of promoting meme coins.
Solana Memecoin developer suffered third-degree burns after stunt.
On Wednesday, May 22, Solana meme coin developer known as Mikol, creator of the TruthOrDare (DARE) token, was hospitalized with third-degree burns after a dangerous live streaming stunt. This incident occurred six days after the token was created on the Pump.fun platform.
During the live stream, Mikol doused himself in isopropyl alcohol and shot fireworks at him in an attempt to attract attention and increase the popularity of his meme coin. The stunt quickly turned into a disaster as Mikol burst into flames. His friends who were present at the live broadcast also attempted to put out the fire with water, but were unprepared for the emergency situation.
The chaotic scene was live-streamed for 30 minutes on Twitter, where viewers saw Mikol desperately pleading for help with serious burns. Despite the efforts of his friends, Mikol was seriously injured and it is estimated that 35% of his body was affected. He was then transported to a trauma center in Miami for treatment.
Memecoins are trying to gain attention.
Solana memecoin has been in the spotlight over the past few months, especially as tokens like BONK and DogWifHat have seen explosive trajectories. This attracted a large number of memecoin developers, hoping to replicate their success.
As a result, the memecoin space is much more crowded than before, and the chances of individual projects succeeding are very small. With so many new tokens being released almost every day, it’s very difficult to gain traction. This is why some projects resort to somewhat bizarre or extreme moves.
For example, in 2022, a memecoin project erected a statue of Elon Musk’s face on a rocket, placed it on a truck, and parked it outside Tesla’s Texas offices. The goal was to increase demand by getting the richest man on the planet at the time to talk about the project. However, the bizarre appearance did not attract attention as Musk did not acknowledge it.
Even sophisticated investors tend to move sideways. Mike Novogratz, founder of cryptocurrency asset management company Galaxy Digital, has a LUNA-inspired tattoo on his arm. This is a move he has regretted since the spectacular collapse of algorithmic stablecoins.
On the flipside
- Until now, risky tricks have not been a common tactic to stimulate investment. If these problems become more common, regulators may be prompted to intervene.
- Risky behavior has become a staple of social media influencers. In 2018, an influencer died after asking her girlfriend for a favor. shoot him For a viral video.
Why This Matters
This incident shows that the hype around memecoins is extremely dangerous. As social media and viral marketing continue to dominate cryptocurrency investing, projects are incentivized to adopt viral attention-getting tactics.
Learn more about the controversy surrounding the Solana memecoin hype:
Solana Memecoin Investors Lost Millions to Abandoned Project
Learn more about Solana’s recent acquisition of Phantom Wallet:
Phantom Wallet Acquires Bitski: Strengthening the Solana Ecosystem