- Solana dev was hospitalized with severe burns after livestream stunt.
- Fireworks and alcohol were involved in the dangerous promotional attempt.
- Crypto community reacts with mixed emotions and ethical concerns.
Memecoin projects are known for their unconventional and often controversial promotional tactics. For example, one project tried to grab the attention of Elon Musk, with a larger-than-life statue. In a crowded field, projects will do almost anything to stand out.
Most recently, one Solana meme coin developer took this to the extreme. The founder of the ‘Truth or Dare’ Coin suffered severe injuries in a livestream incident that has brought attention to the ethics of meme coin promotions.
Solana Memecoin Developer Suffers Third-Degree Burns After Stunt
On Wednesday, May 22, a Solana meme coin developer known as Mikol, creator of the TruthOrDare (DARE) token, was hospitalized with third-degree burns following a dangerous livestream stunt. The incident took place six days after the creation of the token on the Pump.fun platform.
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During the livestream, Mikol doused himself in isopropyl alcohol and had fireworks shot at him in an attempt to draw attention and boost the popularity of his meme coin. The stunt quickly turned disastrous as Mikol was engulfed in flames. His friends, who were also present during the livestream, attempted to extinguish the fire with water but were unprepared for an emergency.
The chaotic scene unfolded over a 30-minute livestream on Twitter, with viewers witnessing Mikol’s desperate pleas for help as he sustained severe burns. Despite the efforts of his friends, Mikol suffered extensive injuries, with estimates suggesting that 35% of his body was affected. He was subsequently transported to a trauma center in Miami for treatment.
Memecoins Up The Stakes to Get Attention
Solana memecoins have been in the spotlight for the past few months, especially as tokens such as BONK and DogWifHat had explosive trajectories. This has attracted a large number of memecoin developers, hoping to replicate their success.
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As a result, the memecoin space has become even more crowded than before, with the chances of any individual project succeeding being minuscule. With countless new tokens launched almost daily, getting attention is very difficult. This is why some projects resort to somewhat bizarre or extreme moves.
For instance, back in 2022, one memecoin project built a statue of Elon Musk’s face on a rocket, had it carried on a truck, and parked it outside Tesla’s Texas offices. The goal was to get the then-richest man on Earth to talk about the project, boosting demand. However, the bizarre figure failed to get Musk’s attention, as he did not acknowledge it.
Even sophisticated investors are prone to stunts. Mike Novogratz, founder of crypto asset management firm Galaxy Digital, got a LUNA-inspired tattoo on his arm. It is a move he has regretted since the spectacular collapse of the algorithmic stablecoin.
On the Flipside
- So far, dangerous stunts have not been a common tactic to promote investments. If they become more common, regulators might be prompted to step in.
- Dangerous acts have become a staple of social media influencers. In 2018, one influencer died after asking his girlfriend to shoot him for a viral video.
Why This Matters
This incident showcases the danger of taking memecoin hype to the extreme. As social media and viral marketing continue to dominate crypto investments, projects are incentivized to adopt tactics that gain viral attention.
Read more about the controversies amid the Solana memecoin hype:
Solana Memecoin Investors Lost Millions on Abandoned Projects
Read more about Solana’s Phantom Wallet’s latest acquisition:
Phantom Wallet Acquires Bitski: A Boost for Solana Ecosystem
