Solana’s memecoin generator Pump.fun has been in the news for all the wrong reasons lately as a growing percentage of the global crypto community calling for the platform to be shut down.
Pump.fun which makes it possible for anybody to create a memecoin in a matter of few clicks has been hailed in the past as one of the shining lights of the Solana ecosystem. However, things have taken a sharp turn as the resource is now been severely abused and used for all manner of unethical activities.
Pump.Fun’s fall from grace follows an expansion of its problems over the years. The platform was initially criticized for being easily exploited by bad actors for rug pull scams.
Today the Platform’s myriad of challenges has expanded to other areas including Pornography, Child abuse, Animal Abuse, degeneracy, and violent activities.
Following these challenges and the growing backlash from the crypto community. A poll was opened up on Polymarket on Pump.Fun getting banned in the United States soon.
Pump.Fun has generated several millions for its developers but the crypto community is considering the platform to be a net negative to the industry at the moment.
Pornography, Abuse and Degeneracy
The Pump.fun has become saturated by desperate and dangerous users trying to promote their memecoin and drive up its market capitalization. Since Pump.fun lets anybody create a memecoin with a few clicks. over 10,000 memecoins are created on Pump.fun every day.
The creators of this memecoin use any means possible to generate buzz for their memecoins thereby getting people to invest and drive up its market capitalization.
These Users resort to using the Pump.fun live stream feature to promote these memecoins. Some female users use Pornography to attract attention to their memecoins, other users use hostage videos and Self Harm videos to garner support and buzz for their memecoins.
Pump.Fun in response to such activities has switched off its live feature following several complaints.
Crypto community reacts to nightmare on Pump.fun
The global crypto community has seriously criticized the platform for the malaise subtly calling for a shutdown of the platform.
- Various users argued that the platform is now out of control and is a problem to the crypto community.
- A crypto user and memecoin trader Jazzy called for the banning of the live stream feature while arguing that bad actors on the platform are draining liquidity that could have gone to good projects.
“This #pumpfun nonsense is getting out of hand. It should be banned from these live streams — it’s sad to see, and even worse, people are blindly buying into it with no moral values whatsoever. I can’t understand why anyone would support this kind of cancer. I don’t support these live streams at all, and what’s even funnier is that a kid scammed you all live on stream, yet people are still backing them. They’re draining liquidity that could’ve gone into good projects. Think about it! If you’re against this, please retweet and help spread the word. There are plenty of other ways to make money without resorting to this live stream nonsense!” Jazzy tweeted.
Other users pointed out the ridiculous things users are doing on the live streams to promote their memecoins and drive up its market capitalization.
“Some dude locked himself in a cage pretending to be a dog until his pumpfun hits $25m and you motherfuckers are asking what stage in the cycle we’re in” Ayourb Tweeted.
Pump.fun has suspended its live streaming feature at the time of the report following several complaints from users.
What to Know
- Over 10,000 memecoins are created daily on Pump.fun and a huge portion of these memecoins are rug pull projects. Memecoins don’t need to have a real-world utility, they are largely driven by the communities behind them.
- $Sabicoin and $Davido are examples of memecoins created with Pump.fun which turned out to be rug pull projects.
