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A Call for Change in Meme Coin Creation

Alon Cohen, co-founder of popular meme coin creation platform Pump.fun, has spoken out against the controversy surrounding the LIBRA token, which was endorsed by Argentine President Javier Milei. Cohen has called for reforms in the way meme coins are created, stating that the current system is flawed and allows for exploitation by a select few.

A Decentralized and Automated System is Needed

Cohen argues that meme coin creation should be decentralized, automated, and free from control by development teams or market makers. He believes that this would ensure a level playing field for all participants and prevent the type of exploitation seen in the LIBRA case. According to Cohen, the existence of middlemen allows for people to be taken advantage of, and he urges for a more transparent and fair system.

Javier Milei Denies Promoting LIBRA

However, President Milei has denied promoting the LIBRA token, stating that he only helped “spread the word” about the coin and acted in good faith. Milei’s Valentine’s Day post on X, which seemingly endorsed the project, pushed LIBRA’s market cap beyond $4 billion. However, following the ensuing hype, insiders allegedly cashed out on the meme coin’s popularity, walking away with more than $100 million and wiping out 94% of its value in the process.

The Consequences of the LIBRA Fiasco

The LIBRA incident has exposed major flaws in the crypto sector, showing how easily bad actors can manipulate markets and exploit retail investors. Cohen urges those with insider knowledge of any misconduct around the launch to come forward or send direct messages on his X account.

A Warning from Hayden Davis

Hayden Davis, a trader who claims to have advised Milei on the LIBRA project, has admitted to holding more than $100 million from its launch. However, he faces scrutiny and fears for his safety, calling the situation a “plan gone miserably wrong.” Davis has stated that the funds were meant to be reinvested into the project, but the plan fell apart when Milei failed to post a second promotional video, leaving the funds in limbo.

Conclusion

The LIBRA fiasco highlights the importance of transparency and regulation in the crypto sector. Cohen’s call for reforms is a step in the right direction, as it would promote a more level playing field for all participants. The crypto community must come together to ensure that such exploitation is prevented in the future.

FAQs

What is the LIBRA token?

The LIBRA token is a meme coin that was launched with the endorsement of Argentine President Javier Milei. It quickly gained popularity, pushing its market cap beyond $4 billion.

What happened to the token’s value?

The token’s value plummeted after its popularity, wiping out 94% of its value and leaving investors with significant losses.

Who is Alon Cohen?

Alon Cohen is the co-founder of Pump.fun, a popular meme coin creation platform.

What is the call to action from Alon Cohen?

Cohen is urging for a decentralized, automated, and free system for meme coin creation, ensuring a level playing field for all participants and preventing exploitation.

What is the current state of the crypto sector?

The LIBRA fiasco has exposed major flaws in the crypto sector, showing how easily bad actors can manipulate markets and exploit retail investors.