Ronald Watkins, former administrator of controversial site 8chan, an online forum banned by service providers like Cloudflare for hosting child porn and publishing manifestos for at least three mass murderers who killed a total of seventy-five people, has launched a memecoin on pump.fun to promote free speech.
Watkins, whose father acquired 8chan from its creator Fredrick Brennan in 2016, ran the site for roughly four years until 2020 when he resigned from his site administrator role, although he appears to be still involved with its operations. The site has since rebranded to “8kun” and is reportedly hosted by multiple service providers domestically and globally.
(8chan rebranded to “8kun” amid controversy / image courtesy of lowyat.net)
In a follow-up post after announcing the 8chan memecoin, 37-year-old Watkins who uses the online moniker “CodeMonkeyZ,” claims he forked Bitcoin and created his own cryptocurrency named Susucoin in 2017. The coin is a proof-of-work cryptocurrency whose mission is to “secure free speech.” The project failed to gain traction, and its unclear if Watkins is indeed its creator.
And now, Watkins says after the successful launch of Donald Trump’s memecoin, he wants to capitalize on the memecoin gravy train by pushing the 8chan brand in order to “create a stronger free speech community.”
“I saw Trump had recently released a memecoin, so I looked up how he did it,” Watkins said. “I don’t have a lot of money so in the days leading up to the launch, I borrowed about $1,000 dollars worth of solana.”
Watkins says he crafted a launch plan with a pseudonymous advisor who goes by “JFK Jr” and launched the memecoin on pump.fun. He used the $1,000 loan to buy his own tokens and that modest amount quickly turned into six figures. Given that initial success, Watkins is now eyeing a loftier goal.
(The 8chan memecoin was launched on pump.fun / pump.fun)
“I saw my coins go from $1,000 to $100,000,” Watkins said. “And thought about how to launch the new Project Odin and about how the $500 million market cap milestone might play out.”
Project Odin is a website development training program with more than 1.5 million users but Watkins wants to design a message board with the same name. He also compared the 8chan token to vine, which targets fans of the now discontinued Vine video sharing platform.
“I picked $500 million because that’s about where vine coin is at, and I felt 8chan and Vine were about equal in nostalgia factor,” Watkins explained, but Coin Market Cap data and feeds from other providers show vine’s market capitalization at approximately $67 million at the time of reporting.
(The vine memecoin has a market cap of roughly $67 million / Coin Market Cap)
There are a billion 8chan tokens according to Coin Market Cap but the website provided by Watkins is sparse on details. The site shows three milestones on the road to his ultimate goal of reaching a $500 million market capitalization, with rewards for the community upon achieving each target. Pump.fun shows that the memecoin’s current market capitalization is roughly $2.6 million.
(8chan milestones / 8chan official memecoin site)
Watkins promises he will rebrand 8kun back to 8chan if the token reaches $10 million. The site had changed names after its many controversies.
At $100 million, a decentralized censorship-resistant message board called Project Odin will be created.
Finally, at a $500 million market capitalization, a “mysterious figure” will be revealed.
“I am very proud of how 8chan has helped fuel President Trump’s political success over the years,” Watkins said. “I sincerely hope it can continue to be a force for good.”
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