tl;dr
Solana-based meme coin launchpad Pump.Fun’s co-founder Alon Cohen criticized Coinbase’s Layer 2 network Base for its controversial auto-minted token experiment, stating Pump.Fun will not follow this approach. The token, minted automatically via the social platform Zora from Base’s official post, sur...
Pump.Fun co-founder Alon Cohen has openly criticized Coinbase’s Base Layer 2 network for its controversial auto-minted token experiment, emphasizing that Pump.Fun will not adopt a similar approach. The token, minted automatically through the onchain social platform Zora from Base’s official post, skyrocketed to a $17 million market cap before plummeting over 90%, triggering accusations of a stealth meme coin launch due to concentrated ownership in just a few wallets.
Base swiftly clarified that it did not sell or officially endorse the token, presenting the experiment as an effort to bring content onchain and build a global onchain economy. Cohen, however, underscored the social responsibility crypto influencers and builders carry, warning against misleading launches or promotional tactics that could harm community trust.
Despite facing backlash, Base defended its move as a necessary experiment to push the future of onchain content and economies, with creator Jesse Pollak emphasizing their goal of building a global onchain ecosystem. Cohen firmly stated that Pump.Fun will continue to experiment where social media and tokenization intersect but vowed to remain closely aligned with its core user base and uphold ethical standards.
Highlighting the community-driven nature of crypto norms, Cohen noted that social standards in the space are not imposed top-down but are shaped daily by users deeply involved in the ecosystem. He insisted that influence in crypto comes with expectations—builders should avoid stealth launches, excessive hype, or price talk to maintain integrity.
Following the rollercoaster market journey, the auto-minted token has somewhat recovered to a market cap near $16.5 million, according to DexScreener data, but the controversy leaves a clear mark on the conversation about responsibility and experimentation in the fast-evolving crypto landscape.