Pump.Fun Co-Founder Criticizes Bases Token Launch
- Pump.Funs co-founder slammed Bases auto-minted token, calling it premature and harmful.
- Bases unofficial token spiked to $17M, then crashed, raising concerns over transparency.
- Alon Cohen urged crypto builders to act responsibly and align with community values.
Alon Cohen, co-founder of Solana-based meme coin launchpad Pump.Fun, has voiced strong criticism over Coinbases Layer 2 network Base and its recent auto-minted token experiment. He made it clear that his platform has no plans to follow suit.
The issue arose when a post from Bases official X account Base is for everyone was automatically turned into a token on the onchain social platform Zora.
Within minutes, the token reached a $17 million market cap, only to crash over 90%, sparking outrage. On-chain analysis revealed that the top three wallets held nearly half of the tokens supply, raising concerns over fairness and transparency.
Theres a reality where what Base did is normal in a few years time but it DEFINITELY isnt today and that has resulted in hurt, Cohen tweeted.
He continued: Dont expect coins from me or @pumpdotfun or any employees (no stealth launches either).
Base responded by stating that the token was unofficial and would never be sold. We did not sell the token, nor was it official in any way,. Jesse Pollak, the creator of Base. He added, Were building a global onchain economy.
Despite disclaimers, many traders felt misled. If you launch a coin AND have social influence, that comes with responsibility, Cohen wrote. He emphasized the need for platforms to remain aligned with their communities and avoid setting unrealistic expectations.
Cohen also pointed out that community norms matter deeply in crypto. These standards, he said, are not dictated by myself, Pump.Fun, Coinbase, or the President, but by the users that are in the trenches every single day.
Despite the crash, DexScreener data shows the token has since recovered to a $16.5 million market cap.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
