Pump.fun’s Fortune Plummets Amid Disturbing Livestream Incidents
Weekly Income Nosedives
Pump.fun, a popular Solana-based meme coin launchpad, has seen a significant decline in its fortunes following a series of alarming incidents tied to its livestream feature.
According to decentralized finance (DeFi) data aggregator DefiLlama, the platform generated an impressive $33.83 million in revenue between November 18 and November 24, representing a 60% increase from the prior week and a 400% jump since the beginning of November.
However, this figure took a dramatic dive the following week, with proceeds plunging to $11.31 million, the lowest the platform has recorded since the end of October.
Despite this dip, the $82.78 million raised in November is still the highest amount Pump.fun has generated across a 30-day period since its launch in early 2024. Monthly returns have been on a steady rise since March, with only a slight contraction in September, when they went down to $14.41 million.
In that time, the meme coin launcher has earned more than $227 million in revenue.
Exploitative Livestreams
The decline came against the backdrop of Pump.fun’s decision to suspend its livestream feature amid rising concerns over harmful behavior.
Originally intended to help developers promote their projects, some developers abused the feature by airing acts ranging from threats of self-harm to extreme violence.
One incident involved a developer claiming they would commit suicide if their token failed to hit a specific market cap. Another allegedly threatened to harm a pet in exchange for their project’s success.
In another incident, a user had to be hospitalized for several days after sustaining severe burns when they doused themselves in isopropyl and set off fireworks during a live broadcast to promote the TruthOrDare (DARE) meme coin.
Pump.fun’s Response
Following public outcry, the Pump.fun team issued a community note, acknowledging the disturbing nature of the events.
They also announced that they would indefinitely pause the platform’s livestream feature, promising to work on its moderation tools to prevent such content from being broadcast in the future.
Implications
The incidents have not only affected the platform’s revenue but also the number of tokens launched on Pump.fun.
Data from Dune shows that only 34,359 tokens were created on November 30, a 50% drop from a record 69,046 registered just ten days earlier.
Conclusion
Pump.fun’s recent incidents have highlighted the need for stricter moderation and responsibility in the crypto space. As the meme coin industry continues to evolve, it is crucial for platforms to prioritize the well-being of their users and ensure a safe and respectful environment.
FAQs
What happened to Pump.fun’s livestream feature?
The platform suspended its livestream feature due to concerns over harmful behavior, including threats of self-harm and extreme violence.
How has Pump.fun’s revenue been affected?
The platform’s revenue took a dramatic dive, plummeting from $33.83 million to $11.31 million in the following week.
What measures is Pump.fun taking to prevent such incidents in the future?
The platform has promised to work on its moderation tools to prevent harmful content from being broadcast in the future.
What is the current state of the meme coin industry?
The meme coin industry is evolving rapidly, and platforms like Pump.fun need to prioritize the well-being of their users and ensure a safe and respectful environment.
