Pump.Fun Reaffirms No-Stealth Launch Policy After Base Token Collapse

Pump.Fun, a meme coin platform on Solana, has taken a firm stance against stealth launches and insider coin drops following the controversial debut and subsequent collapse of a meme coin promoted by Base. This incident has reignited debates about responsibility, hype, and the ethics of launching tokens in the Web3 domain.

The controversy began when Base's official X (formerly Twitter) account started posting content that auto-minted into a tradable token through the onchain social platform Zora. Within minutes, the token, dubbed ‘Base for Everyone,’ reached a $17 million market cap. However, just hours later, its value plummeted by over 90%, sparking significant backlash and accusations of a stealth launch. On-chain data revealed that the top three wallets held nearly half of the token’s supply, raising further skepticism and public distrust.

Base later clarified that it did not sell the token and that it was not official in any capacity. Nevertheless, the damage had already been done, highlighting the risks and ethical considerations involved in such experiments.

In response to the incident, Alon Cohen, co-founder of Pump.Fun, reaffirmed his platform’s principles by stating that there are no plans for any token launch from Pump.Fun, its team, or himself. This includes covert drops or stealth launches. Cohen emphasized that while tokenizing everything might become the norm in the future, it is not the current standard, and forcing it would only lead to confusion and harm.

Pump.Fun has previously faced controversy, particularly in 2024, when it was criticized for a series of livestreamed token launches marked by unsafe behavior and illegal content. Cohen’s latest stance appears to be a strategic move to regain community trust and align with ethical standards.

Cohen highlighted the responsibilities that come with launching a coin while maintaining social influence. He advocated for builders to adhere strictly to community standards, avoiding the launch or promotion of personal tokens, making promises of exceptional returns, or publicly discussing token prices. He believes that these norms should be determined by the crypto community rather than by corporate or influencer interests.

Base has defended its actions, stating that the token was part of a broader goal to bring content onchain. However, the rapid rise and fall of the “Base is for everyone token” serve as a cautionary tale about the dangers of unmoderated hype in a volatile and maturing space. The incident underscores the need for social consequences to be considered in experiments with market implications.

Despite the controversy, Pump.Fun remains one of the most popular meme coin platforms on Solana. The platform has resumed livestreamed token launches, promising transparency and community alignment in all future developments. Cohen’s recent pronouncements reflect an effort to restore credibility and prioritize safety and ethics over virality, positioning Pump.Fun as a leader in navigating the fine line between innovation and ethical responsibility in the Web3 domain.