Pump.fun Faces $22M Revenue Crash Amid Livestream Controversy

Pump.enjoyable, the favored Solana-based meme coin launchpad, has seen its fortunes plummet following a collection of alarming incidents tied to its livestream characteristic.

The platform appears to be grappling with the fallout from a choice to briefly pause its livestream perform after customers broadcast disturbing content material in a bid to pump their tokens’ values.

Weekly Revenue Nosedives

Data from decentralized finance (DeFi) information aggregator DefiLlama shows that between November 18 and November 24, Pump.enjoyable generated a powerful $33.83 million in income, the very best since its launch in early 2024.

The determine represented a 60% improve from the prior week and a 400% soar because the starting of November, as meme coin mania hit the broader crypto market. Nonetheless, the next week noticed a dramatic $22.52 million reversal, with proceeds plunging to $11.31 million, the bottom the platform recorded because the finish of October.

Regardless of the dip, the $82.78 million raised in November, per DefiLlama, remains to be the very best quantity Pump.enjoyable has raked in throughout a 30-day interval because it opened to the general public. Month-to-month returns have been on a gradual rise since March, with solely a slight contraction in September, after they went right down to $14.41 million, being the one blip. In that point, the meme coin launcher has earned greater than $227 million in income.

The weekly earnings droop was additionally accompanied by a major dip within the variety of tokens launched on Pump.enjoyable throughout that interval. On November 30, in line with data from Dune, solely 34,359 had been created, a 50% drop from a report 69,046 registered simply ten days earlier on November 20.

Exploitative Livestreams

The decline got here in opposition to the backdrop of Pump.enjoyable’s determination to suspend its livestream characteristic amid rising considerations over dangerous habits. Initially supposed to assist builders promote their initiatives, some seemingly abused the characteristic by airing acts starting from threats of self-harm to excessive violence.

One incident concerned a developer claiming they’d commit suicide if their token did not hit a selected market cap. On the similar time, one other allegedly threatened to hurt a pet in trade for his or her mission’s success.

In one other incident, a consumer needed to be hospitalized for a number of days after sustaining extreme burns when he doused himself in isopropyl and set off fireworks throughout a stay broadcast to advertise the TruthOrDare (DARE) meme coin.

Nonetheless, following public outcry, the Pump.enjoyable staff issued a neighborhood notice on November 24, acknowledging the disturbing nature of the occasions. In addition they introduced that they’d indefinitely pause the platform’s livestream characteristic, promising to work on its moderation instruments to forestall such content material from being broadcast sooner or later.