The cryptocurrency community was taken aback when a mom-and-son duo launched a meme coin on Solana, using a controversial live stream to promote the project. The unprecedented event caused market turmoil and raised numerous questions about ethics in the digital currency space.
A viral start: launching LIVEMOM
In an astonishing twist, a young boy and his mother took to a popular streaming platform to introduce a new meme coin, LIVEMOM. Their strategy involved engaging viewers through provocative and often controversial challenges.
The promotional tactics
The live stream featured the mother performing suggestive actions while wearing revealing clothing. Promises were made for more outlandish and sexually explicit acts if the token’s market cap increased:
- The boy eating dog food at a certain market cap level.
- The mother doing squats with her backside to the camera once another milestone was reached.
Only in crypto can a teenager launch a meme coin sexually exploiting his mom and get rich overnight…
Kinda bullish
pic.twitter.com/aY4Vyeiq7z— bunny ???? (@DaBunnyOFFICIAL) May 2, 2024
The immediate impact
This approach quickly grabbed attention, causing a flurry of activity around the new token. Within hours, the market cap of LIVEMOM surged as enthusiastic and shocked viewers bought in.
A sudden crash and quick rebound
The excitement was short-lived as the live stream abruptly cut off just as they hit a significant milestone.
Market plummet
With the stream down, the market reacted sharply. LIVEMOM’s valuation dropped from over $300k to under $150k almost instantly, leading many to label the event a ‘rug pull’.
The comeback attempt
Half an hour later, the mom-and-son duo returned with a new token, LIVEMOM2, hoping to regain their losses. Despite this second effort, their social media accounts were deleted soon after, leaving investors wary.
The unexpected rise of the community
Just as it seemed that LIVEMOM was yet another failed crypto fad, the story took a surprising turn.
The community takeover
The original LIVEMOM token began to gain traction again, skyrocketing from lows around $20k to a remarkable $2.4M before stabilizing at roughly $1M. Supporters formed a new community, creating Telegram groups and hosting voice chats to discuss the bizarre series of events.
Self-managed projects
This phenomenon showcased the decentralized nature of cryptocurrencies where a community can revive and sustain a project independently:
- Officially deemed the project’s lore too intriguing to abandon.
- Continued producing memes and sharing clips from the initial streams.
Questions surrounding the saga
The LIVEMOM narrative left many segments of the public puzzled and concerned.
The ethical dilemma
The methods used by the mom-and-son duo sparked debate regarding the ethics of leveraging sexual content and underage individuals in marketing strategies within the cryptocurrency sphere.
The future of meme coins
Despite the controversy, the incident highlighted both the potential volatility and high engagement levels associated with meme coins. The community’s ability to rally behind LIVEMOM post-collapse may indicate a new trend in how these projects are managed and sustained.
The short but intense life cycle of LIVEMOM serves as a cautionary tale of both the risks and communal power inherent in the world of cryptocurrencies. Whether the mom-and-son team will return remains uncertain, but the legacy of their audacious venture continues to reverberate through the digital finance community.
