Pump.Fun Co-Founder Says No Plan to Launch Token, Speaks Out Against Base-Promoted Meme Coin
Summary
Pump.Fun co-founder Alon Cohen criticized Coinbase's Layer 2 network Base for its auto-minted token experiment, stating his platform will not engage in similar practices. The token, linked to a post from Base's official X account, quickly reached a $17 million market cap before plummeting over 90%, leading to accusations of a stealth meme coin launch. Base clarified that it did not sell the token and emphasized that it is not an official asset. Cohen highlighted the responsibility that comes with social influence in crypto, advocating for adherence to community standards. Despite the controversy, the auto-minted token's market cap has partially recovered to approximately $16.5 million.
