A memecoin war has broken out between investors and DEX Screener after a number of curiously-named tokens began to emerge on the Solana network.
DEX Screener is a DeFi analytics platform that allows users to track activity on decentralized cryptocurrency exchanges across a large number of blockchain networks. Due to its easy-to-use interface, DEX Screener has become a popular way for crypto investors to track their investments, especially those new tokens which might not appear in the databases of major exchanges like Kucoin or Binance.
Many users also track so-called memecoins on DEX Screener — these are typically small, humorous tokens created with very little clear objective or substance beyond entertainment value.
But some crypto investors are railing against the platform after it issued a statement today announcing it would be reviewing its policies related to what coins it allows users to track. The move comes after a number of bizarre cryptocurrencies emerged on the Solana network over the past few weeks, some with provocative names.
Some of the coins that have gained notoriety in the past week include the Book of Niggalations, Niggasaurus Rex, Retarded Dog, Fuck Dem Faggots, Jeetflix, and All My Niggas Use Solana.
The prices for each coin vary wildly, with some having lost most of their value since launch, and others skyrocketing thousands of percent.
But a new coin created within the last 24 hours has attracted ample controversy, and appears to have prompted the final decision from DEX Screener to review their policies.
Jews Did 9/11, a token on the Solana network which was created yesterday, is trading at .0044 at the time of this writing. It is currently the #1 token being watched on DEX Screener, and is up over 6,000% since its launch.
Commenting on the popularity of the new racially-motivated memecoin craze, Kemosabe, the founder of Radiants DAO, cautioned people against trading the tokens, noting that the blockchain was public and transaction histories could be monitored.
“Ya’ll are wild trading racist tokens. Even more wild to do on a public blockchain where your entire transaction history can be queried and data mined. [F*ck] around and find yourself on a ‘racist wallet’ list,” he wrote.
Other users claimed that DEX Screener’s announcement appears to have closely coincided with the popularity of the Jews Did 9/11 coin, and accused the platform of hypocrisy for allowing racially insensitive tokens to target other groups with impunity.
Less than an hour following DEX Screener’s announcement on moderation, a token launched under the name Fuck Dexscreener. The jocular coin quickly rose to the top 10 coins on DEX Screener.
On social media, users condemned DEX Screener’s statement, with some suggesting they would invest in Jews Did 9/11 coin out of spite.
“If dexscreener is going to censor it we need to send it to a billion as a point of principle,” user @UubzU wrote.
“Truly torn… I hate racism and antisemitism but I hate censorship as well,” user @randocollector wrote in response.
“What’s the best alternative to dexscreener? Once they start using editorial power I doubt they’ll be inclined to stop,” another remarked.
DEX Screener’s announcement has not been met with resounding approval, with many users accusing the platform of meddling in what is supposed to be decentralized finance.
“Just add a ‘hide token’ button. People should be able to decide what they want or do not want to buy,” one user suggested.
“You aggregate thousands of hard rugs and coins with 100% sell tax that extract millions of dollars from innocent victims, but you’re making announcements about racist names,” user @VoldiemortEth wrote, referring to the many scams that exist in the crypto market.
In response to the proliferation of “racist cryptocurrencies” on DEX Screener, two more coins have been created with the intention of spreading an anti-racist message. One under the name Stop Racism on Solana, which briefly obtained an increase of over 100,000%, and another under the name Martin Luther Koin.
