Pump.Fun slams Base-backed meme token after 90% value loss

• Token was auto-minted from Base’s post on Zora without warning.
• Pump.Fun co-founder Alon Cohen distanced his platform from the event.
• Base defended the launch as part of onchain content strategy

The fallout from Base’s auto-minted meme coin experiment has sparked wider concern across the crypto sector, as industry voices warn against the risks of influence-driven token launches.

The incident began when a token was minted automatically from an X post by Base’s official account via Zora, an onchain social platform.

Without prior announcement, the asset started trading immediately and soared to a $17 million market cap—only to plunge by over 90% within minutes.

While Base stated the coin was unofficial and not sold by the network, the crash has led to accusations of a stealth launch and poor communication.

On-chain data revealed that the top three wallets held nearly half of the token’s supply, fuelling speculation of manipulation and inadequate safeguards.

Pump.Fun denies launch links

Alon Cohen, co-founder of meme coin launchpad Pump.Fun, responded on X (formerly Twitter), stating that neither he nor his platform would be involved in similar token releases.

“Don’t expect coins from me or @pumpdotfun or any employees (no ‘stealth launches’ either),” he wrote, pushing back against the model used by Base.

Cohen’s remarks were posted shortly after the token’s price collapse, directly referencing the now-infamous “ Base is for everyone ” asset.

Despite disclaimers on Zora’s site that the token was unofficial and carried “no expectations,” many traders felt blindsided by the speed and lack of transparency in the rollout.

Pump.Fun has itself come under scrutiny in the past, including incidents involving unsafe livestreams and inappropriate content appearing on the platform.

However, in this instance, Cohen emphasised the need for stronger ethical guidelines in experimental crypto environments.

Cohen warns on token influence

In his thread, Cohen stated that launching a token while holding social influence carries implicit responsibilities. He criticised Base’s approach as lacking proper guardrails and alignment with user expectations.

“If you launch a coin AND have social influence, that comes with responsibility,” he said, calling for creators to stick to social standards that have emerged within crypto communities.

He noted these standards were not dictated by any single entity—”not myself, Pump.Fun, Coinbase, or the President”—but instead formed by the “users that are in the trenches every single day.”

Cohen reaffirmed that Pump.Fun will continue exploring the intersection of social media and tokenisation but will aim to stay aligned with its user base.

Base, meanwhile, defended its move as part of a broader strategy to bring content onchain. A post from the network stated that these tokens are not official assets and are not intended for sale.

Jesse Pollak, creator of Base, also weighed in on X, reiterating that the project is “ building a global onchain economy ” and that experimentation is crucial for the ecosystem’s growth.

Volatility highlights launch risks

Despite the heavy backlash, the auto-minted token has shown partial recovery. As of 12 April, it was trading at a market capitalisation of roughly $16.5 million, according to DexScreener data .

However, the controversy has highlighted the risks of merging social media influence with token issuance—particularly when done without warning or transparency.

The episode has reignited debates around responsible decentralised finance practices, especially when meme coins are involved.

For now, platforms like Pump.Fun are making it clear they will avoid similar models, even as the broader sector experiments with pushing token creation closer to real-time content interaction.