- Pump.fun will pause its live streaming functionality.
- Influential people were performing dangerous stunts.
- Platform for double coordination.
Solana’s memecoin dominated trading this year thanks to Pump.fun. This platform makes launching a memecoin easier than ever and anyone can do it. But there are also downsides to this.
Recently, Pump.fun had to shut down its short-lived live streaming feature. Although Memecoin’s creators hoped to provide a way to connect with their audience, they faced significant backlash for its content. That said, there are many streamers who engage in aggressive, dangerous, or outright criminal behavior.
The dangerous case of Pump.fun
Pumping memecoins can sometimes go too far. On Monday, November 26, Pump.fun was forced to shut down its live streaming service indefinitely due to streamer-generated content.
Although most of the content was intended to be humorous and potentially offensive, some was dangerous. For example, one streamer promoted Nazi-themed tokens and burned an Israeli flag while streaming. Another streamer took a shot at every token purchased. Another streamer threatened to shoot goldfish if players didn’t purchase tokens.
Other streamers engaging in overtly harmful or criminal behavior. In one case, a user threatened to harm themselves if the token did not reach a certain market capitalization.
Risky Stunts to Drive Engagement with Memecoin
Risky stunts in Memecoin promotions are nothing new and have been an issue before Pump.fun’s live streaming. In May, at the height of the memecoin bubble, one creator set himself on fire to promote the Solana token. He was hospitalized and treated for his wounds.
The Memecoin market is a market where interest is currency. This is why some creators will do anything to attract attention to their projects. Platforms like Pump.fun won’t be able to stop this unless they invest more in content moderation.
Pump.fun addressed the recent controversy with a statement outlining their actions. They described a 100-fold surge in daily live streams, making coordination difficult. They said they would double the number of human moderators to remove inappropriate content in the future.
On the flip side
- Content moderation on decentralized platforms is complex. These platforms have no centralized authority to decide what content is allowed.
- Some decentralization advocates believe that too much moderation could stifle creativity and free speech.
Why This Matters
The Pump.fun incident shows how hard some creators will go to make money. This shows that intervention may be the only way to prevent these incidents.
Learn more about the Memecoins stunt:
Disastrous Memecoin stunt lands Solana Dev in the hospital.
Learn more about AI addiction.
Solana exploit exposes the dangers of AI-generated code