Controversy is growing as meme coin marketing moves beyond online promotion and into real-world acts that encourage self-harm and risky behavior. Cointelegraph reported that Solana-based token issuance platform Pump.fun has been criticised for running reward-based promotions that allegedly turned shaving heads, heavy drinking and tattoos into marketing tools. Critics say attention competition drives extreme stunts and benefits platforms indirectly, while others argue participation is voluntary. The debate is also raising questions about regulation and legal classification.

Activity on Pump.fun, a token launchpad that once led the Solana meme coin market, continues to shrink. The Block reported that Pump.fun’s token graduation rate, revenue and total fees on the Solana network have all fallen sharply. The platform’s seven-day average graduation rate slid to 0.26 percent last week. Average daily revenue in June has been $800,000, down from $4.8 million six months ago. The PUMP token has fallen 40 percent over the past six months.