Memecoin fever revives internet shock video trend

Recently, internet shock videos in the style of the early 2000s have been circulating on social networks with extreme content such as self-harm, animal abuse, and even pornographic videos. The purpose of these people is to attract attention to drive up the price of memecoin. Despite censorship efforts, these videos are still shared openly across social networks, especially X (the old Twitter).

Shocking video trend is back in vogue

It all started with the memecoin craze on Solana blockchain’s Pump.fun . The platform allowed users to stream everything from funny videos to shocking content. All to pump their tokens from a few dollars to millions of dollars in market capitalization.

Last week, a 13-year-old boy made tens of thousands of dollars by livestreaming and issuing tokens on Pump.fun . The ease of making money has inspired many people to go to Pump.fun to create tokens, sell them for profit, and then suddenly "pull the rug." A girl created tokens and sold them while livestreaming in the bathtub, a man locked himself in a toilet, even a tied-up child and pornographic videos continuously appeared on Pump.fun , then spread to other social networks.

The livestream movement to push up the price of memecoin is causing a lot of controversy

According to CoinDesk , one person even repeatedly fired a gun out of his window every time his token increased in price. This shock factor can help the livestream video go viral, attracting more viewers and thereby finding more potential investors.

Not all memecoin-generating livestreams are bad, however. Many livestreams focus on fun topics like egg painting or chatting with viewers.

Memecoins often grow out of internet trends. Now, many people don’t wait for events to happen and then ride on them, they create their own shocking content to sell their own tokens. That’s why shocking videos are all over social media, just like in the 2000s, when this genre was shared all over the internet.

Controversy over the memecoin trend

The memecoin memes are being revived by memecoin players because the cost of issuing a new token is now very cheap. For as little as $2, users can create any token. They can choose the number of tokens, avatars, and memes that go with it. The blockchain network encourages this movement because if any token reaches a market cap of over $69,000, a portion of the liquidity will be sent to the Raydium exchange to "burn Solala tokens", reducing inflation across the blockchain network.

Pump.fun says it has an active moderation team that removes content that violates its community guidelines. But in reality, harmful videos are still rampant on the platform. "We actively moderate illegal content on the site. This includes images, videos, live streams, and comments," Pump's founder wrote in a post on X last weekend.

While Pump.fun is committed to protecting freedom of speech, it has a responsibility to ensure users do not encounter offensive or dangerous content. Bad actors should never be empowered on the platform, the person said.

“If you know of a token associated with malicious content that is not being moderated, please report it to our support immediately,” said the Pump.fun founder.

But influential people in the cryptocurrency community believe that the memecoin craze needs to be reined in. Platforms like Pump.fun not only make it easy for crooks to “pull the rug” but also make the cryptocurrency market “wild.” While there are still memecoins that have surpassed $1 million in market capitalization in a matter of hours, most of these “hit-or-miss” tokens have failed to reach the $50,000 mark in market capitalization.

Binance founder Changpeng Zhao wrote on X on November 26: "I'm not against memecoin but the current projects are becoming 'a bit weird'. Let's use blockchain to build more practical applications."

Source: https://thanhnien.vn/con-sot-memecoin-hoi-sinh-trao-luu-video-gay-soc-tren-internet-185241126231138631.htm