Key Insights
- The memecoin craze has become even stronger lately, especially with the advent of the Solana network and tools like Pump.fun.
- This trend has caused many “degens” to perform unspeakable acts, especially on livestreams, in relation to one memecoin or another.
- There have been reports of kidnappings, soft pornography, and a particular developer who set himself on fire to promote memecoin.
- Recently, a trader livestreamed his own suicide after losing $500 to a failed memecoin trade.
- Memecoins related to this tragedy are being deployed all over the internet, as speculations abound.
- The incident shows the dangers of the memecoin market, especially with the allure of quick profits.
The allure of quick profit has made the memecoin space a highly lucrative one over the years.
However, the disturbing aspect of this trend is that it has branched into extreme territory lately.
Solana-based Pump.fun has added fuel to the fire as well, with a few button clicks and a few dollars being the only requirements for creating a new memecoin these days.
Here is the story of a memecoin trader who went as far as killing himself on X-live after a memecoin rug-pull.
The Memecoin Craze and How Far It Has Come?
The Solana network quickly became a hotspot for the memecoin revolution of the current cycle, due to its cheap fees and fast transactions.
This position was previously held by Ethereum in the previous 2021 cycle and saw the creation of the likes of Shiba Inu and Pepe.
A report from CoinWire now shows that the Solana network (through the help of the Pump.fun service) now has thousands of new coins being deployed every month.
Not only this, more than 80% of these new memecoins crash in value within less than a week, becoming worthless soon after their launches.
Over the last year, memecoin developers have also gone to extreme lengths to promote their tokens, with one such instance being influencer “Mikol”, who set himself on fire on livestream, to promote the $DARE token.
Another incident saw a man named Roman get “kidnapped” by memecoin developers, who promised to release him once their token hit a $100,000 market cap.
However, just when the craze was believed to have cooled down somewhat, a memecoin developer took his own life via livestream after losing $500.
Mistafuccyou’s Memecoin Fiasco
In the latest memecoin-related incident, a man known as @mistafuccyou (also known as “Im really poor”) committed suicide during a livestream on X after losing his last $500 in a rug pull.
Per reports, @mistafuccyou had been actively involved in the crypto industry. However, his financial losses began to take a toll on him, eventually hitting a peak when he lost $500.
The disturbing livestream showed loading up a revolver on the livestream.
Right before shooting, he mentioned “If I die, make me a meme coin.”
The gun misfired twice before shooting correctly on the third attempt, leading to the shocking act that was witnessed by thousands of viewers.
As requested, memecoins began circulating mere minutes after his death, using his name and likeness.
The suicide itself, as well as the memecoins, sparked outrage within the crypto community, with many members expressing shock at what just happened.
Critics also continue to highlight some of the extremes of the memecoin craze and the real-world consequences they pose.
Death and Memecoins
The major memecoin involved in this incident was called “Mistacoin” and experienced some rush as investors rushed to capitalize on the shock.
@mistafuccyou is being speculated to be 23-year-old Arnold Robert Haro according to the Bitcoin Protocol.
So far, a GoFundMe page has been setup to pay for Haro’s funeral.
Haro is reported to be a father to a one-year-old daughter, with the GoFundMe page stating that he had previously battled depression, which might have been a major contributing factor to the incident.
Interestingly, @mistafuccyou had publicly requested a coin in his name, and a developer had delivered him 70% of a coin’s supply.
This fueled more speculation that the suicide was all a marketing gimmick that went out of control.
The Aftermath of The Suicide
Overall, there have been no confirmations of the deceased’s identity or why he livestreamed his own suicide.
No family members have officially stepped forward, and the only semi-tangible connections available are the GoFundMe page, the graphic suicide video, and images of @mistafuccyou.
Overall, the incident shows the ongoing issues with memecoin speculation and how dangerous the industry can be if left unchecked.
Investors should ensure due diligence before jumping into the memecoin market and make sure to only invest what they can afford to lose at any point.
