Pump.fun, the popular Solana-based meme coin launchpad, has seen a sharp revenue decline following a series of incidents associated with its livestream feature.
Weekly Income Plunge
According to DeFiLlama, from November 18 to November 24, Pump.fun generated an impressive $33.83 million. However, the following week income fell to $11.31 million, the lowest since the end of October. Despite this, the $82.78 million revenue in November remains the highest for a 30-day period since the platform's launch.
Exploitative Livestreams
The decline was accompanied by a scandal involving livestream content that included threats of self-harm. One incident involved a developer claiming they would harm themselves if their token did not reach a specified value. Such incidents caused public outrage, leading Pump.fun to suspend the livestream feature to enhance moderation.
Reaction to Controversy
In response to public outcry, the Pump.fun team issued a statement on November 24 acknowledging the concerning nature of the incidents and announced a temporary pause on the livestream feature to improve moderation tools.
Pump.fun is facing a significant crisis due to misuse of its livestream feature, but the company is working to resolve the situation by enhancing moderation mechanisms.