Summary
- Pump.Fun co-founder Alon Cohen rejects token launches amid Base’s controversial meme coin collapse
- “Base Fever” token skyrocketed to $17M market cap before crashing 90% within hours
- Cohen emphasizes community trust and transparency over quick profits
- Incident highlights the fine line between innovation and responsibility in Web3
The Spectacular Failure of Base’s Token Experiment
The Western Conference wasn’t the only place seeing significant movements last week. In the crypto world, Base’s unofficial meme coin experiment crashed and burned in spectacular fashion, leaving investors reeling and industry leaders questioning the platform’s judgment.
It started innocently enough—Base’s official Twitter account posted content that automatically minted into a tradable token through Zero’s onchain social platform. Within minutes, the “Base Fever” token reached a $17 million market cap. Hours later, that value plummeted by more than 90%.
The red flags were textbook: top three wallets controlling nearly half the token supply, rushed deployment, and a convenient disclaimer stating the asset was “unofficial” with “no expectations.” Base later distanced itself from the token, but for many investors, the damage was already done.
Pump.Fun Stands Firm on Principles
Alon Cohen, Pump.Fun’s co-founder, seized the moment to reaffirm his platform’s commitment to ethical practices. Despite operating in the wild west of meme coins on Solana, Cohen drew a clear line: no token launches from Pump.Fun, its team, or himself—especially no stealth launches or insider drops.
“It’s definitely not the standard now—and forcing it only brings confusion and pain,” Cohen stated firmly.
This stance represents a strategic pivot for Pump.Fun, which faced its own controversies in 2023 over livestreamed token launches featuring questionable content. Cohen’s position appears aimed at rebuilding trust while establishing higher standards for the industry.
The Community Sets the Rules
What makes Cohen’s critique particularly noteworthy is his emphasis on community-driven standards. In his view, launching tokens without clear purpose, community interest, or transparent disclosure undermines not just the specific project but potentially the broader ecosystem.
“What matters is that those norms are not prescribed by corporate or influencer interests. They’re formed by the users that are in the trenches every single day,” Cohen explained.
The message is clear: in crypto, it’s not governments or platforms that ultimately determine what’s ethical—it’s the community itself.
Building Through Trust, Not Hype
Despite daily volume dropping from $184 million to around $40 million in recent weeks, Pump.Fun remains committed to building at the intersection of social media and tokenization. Cohen confirmed that while token launches have resumed after a pause, any new initiatives will prioritize transparency and community alignment.
Base defended its actions as part of an experiment toward a global onchain economy. However, the “Base Fever” incident serves as a powerful reminder that in the volatile world of crypto, responsibility to users must take precedence over unmoderated hype.
For platform creators navigating the gray areas of Web3, Cohen’s approach offers a valuable lesson: innovation without accountability leads to short-term gains but long-term distrust.