In summary
- Changpeng “CZ” Zhao, former CEO of Binance, expressed his annoyance about memecoins, suggesting that the crypto community should focus on real applications.
- Memecoins like Peanut the Squirrel and Just a Chill Guy surged more than 1,500% and 2,800%, respectively, during the bull market boom.
- The Pump.fun platform faced criticism for dangerous events on live streams, such as a creator pretending to hang himself and other extreme acts to promote memecoins.
The memecoin craze seems to have taken the masses by storm, but at least one industry veteran is upset about this year’s hype.
Memecoins are “getting a little weird now,” former Binance CEO and founder Changpeng “CZ” Zhao said Tuesday on X, adding that the crypto community should shift toward building “real applications using the Blockchain.”
However, “rare” is an understatement.
The founder’s comments are part of a broader online discussion about a controversial trend in recent weeks in which memecoin creators inflate their small-cap altcoins through outlandish, and sometimes dangerous, publicity stunts.
Solana-based token launch platform Pump.fun on Monday disabled its popular livestream feature shortly after a token creator pretended to hang himself during a livestream on the platform.
The prank reignited a long-running debate over Pump.fun’s role as a breeding ground for harmful content linked to the promotion of memecoins.
“We recognize that recent events on our platform’s live streams have caused concern,” the Pump.fun team said on Monday, pledging to strengthen content moderation. “Our platform has seen unprecedented growth recently, with the daily number of live streams increasing by more than 100 times in less than a week.”
This memecoin craze has only grown in a bull market that has catapulted the prices of several altcoins to astronomical all-time highs.
Tokens like Peanut the Squirrel (PNUT) and Just a Chill Guy (CHILLGUY) have risen more than 1,500% and 2,800% respectively, according to data from CoinGecko.
Their dizzying trajectories have fueled the ambitions of some creators, employing any means necessary to bridge the delta between a small-cap Altcoin and an unlikely market cycle winner.
Earlier this year, a Solana developer doused himself with isopropyl alcohol and was showered with fireworks during a Pump.fun livestream, landing him in the hospital with third-degree burns. Meanwhile, staged kidnappings, fraudulent amputations, and live adult shows continue to proliferate.
Pump.fun did not immediately respond to Decrypt’s request for comment.
Edited by Sebastian Sinclair
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