The post Pumpkin ‘Rugs’ Its Own Token After Threatening Solana Meme Coin Launchpad Pump.fun With a Lawsuit appeared on BitcoinEthereumNews.com.

A company looking to compete with meme coin launchpad Pump.fun threatened its rival with a lawsuit earlier this month. Just 10 days later, the project launched a token on Pump.fun and self admittedly “rug[ged] the chart” with the founder claiming to have made $800,000. Yonatan Badash founded Pump Pumpkin in December 2024, announcing the project with a deepfake of Morgan Freeman. This came just one month after he faked stealing the dog of a kid who went viral for rugpulling a token on livestream—also known as the Quant kid. As the new year dawned, Pump Pumpkin issued a legal notice to Pump.fun threatening to file a lawsuit seeking more than $1 billion in damages based on allegations the project was hiding how much it was charging in fees. Badash told Decrypt Pump Pumpkin was hiring an in-house legal team to take this case on. That said, he added that the company was unsure where the lawsuit would be filed as Pump Pumpkin is based in Israel and Pump.fun is based in the UK. He said the company was hoping to reach an out-of-court settlement. Despite this, the threat went viral. And Badash used the attention as a platform to promote his rival platform and its two Solana tokens: PPA and PP. In short, Pump Pumpkin intended to release a PPA token on Pump.fun which would then be swapped for PP tokens—the governance token of the project. However, the PPA launch was a mess. Pump Pumpkin was hyping the token launch across social media, counting down the minutes to its release and starting up an X livestream. Then the token launched on Pump.fun. Ok, 10 minutes before we are locking in to focus on the launch of $ppa See you in 10 minutes when we post the ca. Don’t buy into…

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Filed under: News - @ January 14, 2025 4:26 pm