Solana's dedicated memecoin platform, Pump.fun, is breaking all records, earning millions of dollars in revenue daily. But recently, violent content has proliferated on the platform, and its users have reacted strongly.
Pump.fun under fire for shocking content
If there is one platform that has exploded for some time, it is Pump.fun. The latter, based on the Solana blockchain, allows anyone to launch a memecoin in a few seconds.
Although almost all of the tokens launched on Pump.fun never end up on the decentralized crypto exchange Raydium (a market capitalization threshold must be reached for this), many investors hope to bet on the future memecoin which will explode in order, of course, to increase their wallets.
Of the few – very – rare memecoins launched on Pump.fun which manage to survive more than a few tens of minutes, some stand out from the crowd by riding the current trend on social networks (the PNUT for example).
Pump.fun is successful, as evidenced by its daily earnings
Thus, almost daily, testimonies flood in concerning lucky investors (insiders?) becoming rich by betting small or medium sums. More recently, the phenomenon of “lives” has grown on Pump.fun. As the name suggests, lives allow individuals who have launched tokens to film themselves live, sometimes in order to complete challenges.
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This “strategy” proving to be a winner in certain cases, the lives on Pump.fun quickly exploded, forcing those who bet on it to inflate the price of their token to stand out in the hope of attracting attention.
The decentralized environment of Pump.fun therefore quickly led to abuses. Innocent sensationalism has given way to violence, the lure of profit mixing with the anonymity offered by the platform.
Last week, a user broadcast live threats to hang himself (something he would have carried out a priori) if his memecoin did not reach a certain capitalization threshold. In another case, a creator threatened to kill his own dog if his token did not exceed $11 million.
A guy threatening to hang himself, a kid saying he'd shoot his entire family with a shotgun if the coin didn't hit a certain market cap, someone threatening a goldfish with a gun, threatening to shoot a dog, a dog fucking a woman, a guy in a cage saying he'd take a shit in it,…
— Rex (@R89Capital) November 25, 2024
And these 2 cases are far from isolated, certain individuals having endangered children or having made threats “ if the token does not reach X% market capitalization. »
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Will the platform take sufficient measures?
Alon, the anonymous creator of Pump.fun, responded via his X account to the various accusations his platform has been subject to.
The latter assured that illicit content was “actively moderated”, whether it be images, videos, live streams and even comments, ensuring that it was their responsibility “ that users are not exposed to content that is obviously repulsive or dangerous, and that malicious actors are not given a platform to act as they please. »
Alon also clarified that type content Not Safe For Work (NSFW) could be hidden manually, taking the example of pornographic content.
with the live streaming meta on in full force there have been many people that came forward with some very legitimate concerns regarding what content that is allowed on the platform
let me make it abundantly clear: we actively moderate illicit content on the site. that includes…
— alon (@a1lon9) November 22, 2024
However, pornographic content is not singled out by users. The latter rather expressed their dissatisfaction with the increasing share of violent content, even sometimes very violent and shocking. A point completely avoided by the creator of Pump.fun.
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As Kaito founder Yu Hu pointed out, overall sentiment towards Pump.fun is at an all-time low. The graph was obtained by Large Language Model (LLM) by analyzing the general tone towards the platform on social networks.
one chart that summarizes what people think about @pumpdotfun now pic.twitter.com/ICufL9DEkX
— Yu Hu 🌊 (@Punk9277) November 25, 2024
Given the discussions on X, it seems that it is really the streams that are the problem on Pump.fun. Alon, the creator of the platform, does not seem willing to delete these at the moment. Considering the speed at which violent content is developed, we can only hope that we will not have to be confronted with real tragedies for real measures to be taken.
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