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.
We'll be reviewing our token profile moderation policy in the coming days. We won't be the gatekeepers of what happens on-chain, but we're definitely not here to spread hate.
— DEX Screener (@dexscreener) March 22, 2024
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.
we deserve to go too zero because wtf is this trash pic.twitter.com/0iaJqCn4r6
— Dude (@helloimthatdude) March 21, 2024
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.
ya'll are wild trading racist tokens
— KEMOSABE (@KEMOS4BE) March 22, 2024
even more wild to do on a public blockchain where your entire transaction history can be queried and data mined
fk around and find yourself on a "racist wallet" list LMAOOOOOO
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.
50 Nigga coins and the moment a Jew coin drop it's too far.
— Shakur (@Indikur) March 22, 2024
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.
#Fuckdex is #10 trending on Dexscreener 🤣 pic.twitter.com/wQWAHFlq6g
— Kennnnnnny (@KennyNFTs) March 22, 2024
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.
I’m not adding this coin to the uubzu index yet, but if dexscreener is going to censor it we need to send it to a billion as a point of principle pic.twitter.com/mvezVDI4Qj
— UubzU (oob-zoo) (@UubzU) March 22, 2024
“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.
Add a filter.
— Voldie.Mort (@VoldiemortEth) March 22, 2024
You aggregate thousands of hard rugs and coins with 100% sell tax that extracts millions of dollars from innocent victims, but you're making announcements about racist names
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.