Pump.fun Criticized For Harmful Content, What's Up With Solana's Memecoin Generator?

Pump.fun is Solana's memecoin generator platform. (Photo; Doc. 99Bitcoin)

JAKARTA - The Pump.fun platform, which is based in the Solana ecosystem, is in a sharp spotlight after the rise of harmful and inappropriate content in the livestream feature of the Solana memecoin generator platform.

In the past two weeks, the platform recorded a trading volume of US$3.9 billion (Rp61.62 trillion) and launched nearly 4 million tokens, with 16,500 new tokens being launched daily. However, this success is overshadowed by reports of content exploitation, including threats of violence, pornography, to extreme actions to increase the value of tokens.

Pump.fun User Controversy

The livestream feature originally intended to support innovation has turned into a means of exploitation. Reports reveal cases of suicide threats if token market capitalization is not achieved until extreme actions such as gun shootings when tokens reach a certain value. Inevitably, Pump.fun faced sharp criticism from the public who urged strict regulation to the termination of this platform.

Pump.fun executive, Alon, stated that content moderation remains a priority, although it is recognized as difficult to oversee thousands of tokens created every day. He stressed his team is working relentlessly to crack down on inappropriate content. "We support freedom of expression, but our responsibility is to ensure users do not face harmful content," he explained.

The Impact On The Solana Ecosystem

Pump.fun now accounts for more than half of monthly transactions on Solana's network, so its sustainability becomes important for the ecosystem. However, if this issue is not addressed immediately, Solana could face long-term risks, including stricter regulatory pressures. Analysts call this situation a reminder of the era of the 2018 ICO boom and 2021 NFT mania, which despite producing major innovations, is also colored by rampant fraud and controversial content.

With regulators' growing attention to crypto assets, Pump.fun's future and its influence on Solana are a big question mark. Whether this platform is able to survive or will face a similar fate like other controversial projects, only time can answer.