If you’ve been keeping an eye on the crypto world, you might have heard about the latest drama involving US streamer Jack Doherty. On July 24, 2025, Doherty launched a new memecoin on Pump Fun, a platform known for letting anyone create tradable tokens instantly. The hype was real—Doherty promised an exciting first stream and encouraged fans to buy in. But what followed was a classic “rug pull,” leaving investors with losses and sparking outrage across X.

The Hype and the Fall

Doherty’s post, which racked up 2.6K impressions, featured a sleek promotional image with a “BUY” button, urging fans to join him live on Pump Fun. The accompanying chart showed a wild price surge, only for it to crash shortly after. According to StarPlatinumSOL, the token was allegedly “rug pulled” for a measly $6,000. For context, a rug pull happens when creators hype a token, drive up its value, and then sell off their holdings, causing the price to plummet and leaving other investors empty-handed.

Fans and crypto enthusiasts were quick to react. Comments on the thread ranged from disbelief—“For 6K? Bro makes 6 figures a month!”—to frustration about newbies getting scammed. One user, mangusxbt, pointed out the bigger issue: “New people trying crypto for the first time because their favorite influencers are coming just to get rugged.” It’s a sentiment echoed across the crypto community, where celebrity-backed tokens often turn into risky gambles.

Why This Matters

This isn’t Doherty’s first brush with controversy. Earlier in 2024, he faced backlash for a similar move with his “McLaren” memecoin, where he reportedly dumped his holdings during a livestream, as noted in reports from Cointelegraph. The pattern is clear: celebrity memecoins are often less about innovation and more about quick cash grabs. With over $500 million lost to memecoin scams in 2024 alone, according to crypto intelligence platforms, the industry is grappling with a “casino culture” where hype overshadows substance.

So, what went wrong with Doherty’s latest venture? The token’s rapid rise and fall suggest he may have bought in early with multiple wallets, pumped the price during his stream, and then cashed out. This leaves fans—who trusted his influence—holding the bag. The chart shared in the thread shows a steep drop marked by red dots, a visual reminder of the scam’s impact.

What Can Be Done?

The big question is: how do we stop this? Some suggest stricter regulations on platforms like Pump Fun, which make it easy to launch tokens without oversight. Others argue for better education, helping new investors spot red flags like sudden price spikes or influencer hype. For now, the crypto space remains a Wild West, and incidents like this only fuel the debate.

If you’re into memecoins, it’s worth digging deeper. Check out Meme Insider for the latest updates and tips on navigating this tricky landscape. Have you encountered a memecoin scam? Share your thoughts in the comments—we’d love to hear your take!