The emergence of multiple trending tokens launched via fun, including racial slander, has generated widespread concerns across the crypto community regarding the surge in discriminatory and highly offensive meme coins.
These cases have resumed discussions about the lack of regulation in the meme coin space. Being able to create tokens on Launchpad will inevitably encourage the spread of malicious content.
Aggressive meme coin escalation
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The trend that emerges in the memecoin industry is a surge in racist tokens.
Of the top 15 trending tokens in DexScreener, four have names that contain racial slur or imply skin tone. All the tokens were released on Pump.Fun, the popular Solana platform.
The news is reportedly a Pump.Fun enthusiast destroyed a Hollywood sign in Los Angeles and hung a banner with the Launchpad signature pill logo.
While racist memecoin is nothing new to the crypto sector, its recent status as a token of a decentralized exchange (DEXS) token indicates the escalation scale of the issue.
Ease of creation and malicious content
Pump.Fun, commonly known as “Meme Coin Factory,” is a decentralized platform that transforms the creation of meme coins. LaunchPad makes the process extremely simple, fast and affordable.
This extreme ease of use has significantly reduced the barrier to entry to launch hate and racist meme coins. The increased frequency of these attack tokens represents the democratization of malicious content.
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A typical example was when the American rapper unveiled “Swasty Ein” on X earlier this year.
In another incident, the “Hitler Mask” token appeared quickly on the pump. The gesture was widely interpreted as a reference to Nazi fascism.
Despite several attempts by industry leaders to condemn the creation of these controversial tokens, recent incidents clearly show that the issue is persistent.
Regulatory challenges for DEXS
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Key figures in the cryptocurrency sector addressed a surge in meme coins with offensive themes.
Vitalik Buterin, co-founder of Ethereum, had previously criticised the rise of these tokens. In a blog post in March 2024, he specifically denounced coins in the “openly superresist” memes on the Solana blockchain and other tokens linked to the totalitarian regime.
The Solana Foundation also acknowledges the issue. Foundation Strategy Director Austin Federa proposed that implementing filtering mechanisms within cryptographic applications could be a viable solution to limit the visibility of these controversial assets.
However, it is inherently difficult to suppress this activity in DEX, as there is no central authority for veterinary or police token names prior to launch.
As a result, regulatory and ethical vacuums continue to allow for the creation of these controversial tokens and the spread of the virus.