Pump.Funs Founder Sparks User Protection Debate, Urges Memecoin Launchpads To Develop Better Practices

The Libra token, endorsed by Argentinian President Javier Milei, quickly reached a $4.5 billion market cap before its value crashed over 90% after insiders sold over $100 million of the token. Pump.fun's founder criticized the incident and called for better practices in the memecoin sector, suggesting that platforms should focus on user education, especially regarding post-launch activities, responsible trading, and setting realistic expectations. He also advocated for simpler onboarding for new traders and improved interface design to reduce the visibility of suspicious tokens and set reasonable slippage settings. Some community members criticized Pump.fun's own past controversies, including alleged exploitation of a livestreaming feature and accusations of facilitating rug pulls and scams.