Pump.fun, the popular Solana-based meme coin flipping platform, has seen its fortunes plummet following a series of alarming incidents related to its live streaming feature.
The platform appears to be dealing with the fallout from the decision to temporarily pause its live streaming feature after users streamed disturbing content in a bid to increase the value of their tokens.
Weekly income plummet
Information from decentralized finance (DeFi) data aggregator DefiLlama sample That between November 18 and 24, Pump.fun generated an impressive $33.83 million in revenue, the highest since its launch in early 2024.
The figure represented a 60% increase from the previous week and a 400% jump since early November, when meme coin mania hit the broader crypto market. However, the following week saw a dramatic reversal of $22.52 million, with revenue falling to $11.31 million, the lowest level recorded by the platform since late October.
Despite the drop, the $82.78 million raised in November, according to DefiLlama, is still the highest amount Pump.fun has raised in a 30-day period since it opened to the public. Monthly yields have risen steadily since March, with only a slight contraction in September, when they fell to $14.41 million, being the only issue. In that time, the meme coin flipper has earned more than $227 million in revenue.
The drop in weekly revenue was also accompanied by a significant drop in the number of tokens released on Pump.fun during that period. On November 30, according to data of Dune, only 34,359 were created, a 50% drop from a record of 69,046 recorded just ten days earlier, on November 20.
Exploitative Live Streams
The drop came against the backdrop of Pump.fun’s decision to suspend its live streaming feature amid growing concerns about harmful behavior. Originally intended to help developers promote their projects, some apparently abused the feature by airing acts ranging from threats of self-harm to extreme violence.
One incident involved a developer who claimed that he would commit suicide if his token did not reach a specific market capitalization. At the same time, another allegedly threatened to harm a pet in exchange for the success of his project.
In another incident, a user had to be hospitalized for several days after suffering severe burns when he doused himself with isopropyl and lit fireworks during a livestream to promote the TruthOrDare (DARE) meme coin.
However, following public outcry, the Pump.fun team issued a community note on November 24, acknowledging the disturbing nature of the events. They also announced that they would be pausing the platform’s live streaming feature indefinitely and promised to work on their moderation tools to prevent such content from being broadcast in the future.
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