Peter Todd, a veteran Bitcoin developer, made headlines recently for promoting a Joker-themed meme coin called “HAHA” Pump Fun token on X in exchange for $5,000. This move sparked controversy within the crypto community and led to significant price fluctuations for the token.
Todd, who played a key role in the early development of Bitcoin, endorsed the meme coin on August 17 with a tweet that said, “One bad day… one good pump. Laugh your way to the moon. #HAHA.” He later disclosed that he received $5,000 in Solana for the promotion, which he quickly converted into Bitcoin. Todd admitted that he did not know who paid him, referring to the source as “some random twitter user.” While he was not required to disclose the payment as an advertisement, he chose to do so voluntarily.
The promotion caused the token to surge by 1,500% to $0.00008 immediately after Todd’s post, only to plummet by 95% minutes later in a classic rug pull scenario often seen in Pump Fun launches. However, within 24 hours, the coin made a dramatic comeback, skyrocketing nearly 3,900% to reach $0.0002 and pushing its market cap to $225,000.
Todd has long been a prominent figure in the crypto space, known for his contributions to Bitcoin Core and his outspoken views on scaling debates and industry trends. Speculation about Todd’s identity has circulated for years, with some even suggesting he could be the mysterious creator of Bitcoin, Satoshi Nakamoto. However, Todd has vehemently denied these claims.
The reaction to Todd’s promotion of the meme coin was mixed, with some criticizing him for lacking integrity and others applauding his transparency in disclosing the payment. Despite the controversy, Todd appeared unaffected by the backlash, highlighting the fine line between credibility and opportunism in the fast-paced world of cryptocurrency.
In conclusion, Todd’s endorsement of the meme coin has sparked debate within the crypto community, shedding light on the complexities of navigating credibility and financial opportunities in the ever-evolving landscape of digital assets.