Pump.fun co-founder criticizes LIBRA incident, says memecoin demand will persist

Alon, co-founder of the Solana-based memecoin issuance platform Pump.fun, criticized the recent crash in value of the LIBRA token on X, denouncing its insiders for profiting at the expense of users, the broader ecosystem and an entire nation. While some view the controversy as signaling the "end of memecoins," he maintained that demand for permissionless token issuance will persist, citing parallels with past ICO, NFT and DeFi cycles. Alon underscored the importance of implementing safeguards while addressing user demand. He advocated for enhanced education on ethical token issuance, improved onboarding for new traders and stronger user protections, including limiting exposure to suspicious transactions and establishing reasonable default slippage thresholds.