A Solana meme coin, BAGWORK, saw its market capitalization increase by over 2,000% following a livestreamed stunt that earned its creators $49,000 in fees.

Executive Summary

BAGWORK, a Solana-based meme coin, experienced a market capitalization surge exceeding 2,000% after a livestreamed event involving fitness influencer Bradley Martyn. The incident, broadcast on Pump.fun, resulted in the coin's market cap increasing from $131,150 to $2.78 million within seven hours. The creators garnered $49,330 in fees on the day of the event, accumulating over $78,000 in total fees. This event highlights the volatile nature of meme coins and the impact of viral social media stunts on their valuation, drawing scrutiny to platforms like Pump.fun.

The Event in Detail

On Thursday, two unnamed creators of the Solana meme coin BAGWORK gained $49,000 in crypto token creator fees after one was slapped by fitness influencer Bradley Martyn during an attempt to steal his hat. The incident was livestreamed on Pump.fun, causing BAGWORK's price to surge over 2,000%. The coin's market capitalization climbed from $131,150 to $2.78 million in a seven-hour period, though it later adjusted to approximately $2.4 million. The developers stated their intention to continue daily viral stunts for two weeks to sustain momentum for the token. Previous stunts included running onto a baseball field and shaving a head on-stream. Pump.fun's model compensates livestreamers with a percentage of trades on their tokens, termed "creator rewards."

Market Implications

The BAGWORK incident underscores the highly speculative and volatile nature inherent in meme coin markets, where valuations are often driven by social media trends and promotional stunts rather than underlying utility. The rapid appreciation and subsequent, albeit smaller, decline of BAGWORK's market cap illustrates the ephemeral value generated by viral events. This trend encourages further speculative behavior within the crypto market, particularly in the "creator capital markets" segment facilitated by platforms like Pump.fun. Regulatory bodies, such as Dubai's Virtual Asset Regulatory Authority (VARA), have issued warnings regarding meme coins, citing their susceptibility to market manipulation and their reliance on hype. Studies indicate that a significant majority of meme coins promoted by influencers ultimately lose substantial value.

Broader Context

This event draws attention to the content moderation challenges faced by platforms hosting user-generated content linked to financial instruments. Pump.fun temporarily suspended its livestreaming feature in November 2024 due to widespread misuse, including dangerous acts and threats of self-harm. The platform later restored the feature in April 2025 with "industry standard moderation systems" and transparent content guidelines, following a reported 66% decrease in weekly revenue during the suspension. The incident may intensify calls for stricter oversight of influencer-backed crypto assets and platforms enabling such promotions. This could lead to increased scrutiny from regulatory bodies concerning ethical implications and potential market manipulation, aiming to foster greater investor protection in the evolving Web3 ecosystem.