Meme coin mania seems to have caught the masses by storm, but at least one industry stalwart is getting angry at this year's hype.
Memecoins are “getting a little weird right now,” former Binance CEO Changpeng “CZ” Zhao said on Tuesday. XAdding to the crypto community, building “real applications using blockchain” will play an important role.
Amazing is an understatement.
The founder's comments are part of a broader online discussion in recent weeks about a controversial trend in which meme coin creators are launching low-cap altcoins outside of — and sometimes risky — advertising shows.
Solana-based meme coin startup Pam.Fun disabled its popular live streaming feature on Monday after it impersonated a token creator. He hanged himself. During the live broadcast on stage.
The show reignited a long-running debate about Pump.fun's role as a breeding ground for malicious content linked to the promotion of meme coins.
The Pamp.fun team said, “We acknowledge that the recent incidents on our platform's live streams have caused concern. he said. Monday, pledging to double down on content moderation. “Our platform has experienced unprecedented growth recently, with daily live streams increasing more than 100x in less than a week.”
That meme coin craze has driven the price of many altcoins to astronomical all-time highs only during a bull market.
Symbols such as Peanut the Squirrel (PNUT) and Just a Chill Guy (CHILLGUY) have increased even further. 1,500% and 2,800%CoinGecko shows data.
Their confusion has fueled the ambitions of some innovators, employing any means necessary to bridge the gap between low-end altcoins and market-cycle winners.
Earlier this year, a Solana developer ended up in the hospital after dousing himself in isopropyl alcohol and setting off fireworks on a pump.fun live stream. The third stage burns. Meanwhile, there are X-level sponsored kidnappings, amputees and fraud. Live performances Keep running.
Pump.fun did not immediately return Decrypt's Request for feedback.
Edited by Sebastian Sinclair.
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