Pump.fun’s weekly revenue dropped 66% after the live streaming controversy
Solana memecoin launchpad Pump.fun saw its weekly earnings drop after it disabled its live streaming feature in response to reports of malicious content being circulated.
Solana's memecoin generator revenue started November on an upward trajectory before hitting a fourth-week high.
From November 18-24, Defillama data shows that the memecoin launchpad generated $33.83 million in revenue for the week. This represents a 60% increase from last week and a nearly 400% increase from the beginning of the month.
Pump.fun Weekly Earnings Chart. Source: Defillama
However, from November 25 to December 1, the platform's revenue dropped significantly. According to Defilama data, it grossed $11.31 million for the week, reversing an upward trend. The figure represents a 66 percent drop from the previous week.
The decrease in revenue comes as some users started committing malicious acts in an attempt to withdraw their new tokens, while community members asked the platform to disable their live streaming feature.
Related: Pump.fun teases future token and unveils new trading terminal
Pump.fun is back live stream.
In the year On November 25th, Pudgy Penguins security project manager Bo reported that a MiZit user was livestreaming that they would kill themselves if their coins didn't reach a certain market cap. The security expert has X-tagged Pump.fun, urging the platform to intervene, disable the stream and support the stream.
Other social media users have also reported similar user actions threatening viewers to commit violent acts. One X user said a man threatened to shoot a dog, while another said a streamer threatened to shoot a school.
In response to the rise of violent content, the Pamp.fun team pulled the plug on its live streaming feature. In a community note on Nov. 25, the platform acknowledged that disturbing incidents during its live stream had “caused concern.” He added that he has suspended the feature indefinitely until he can properly fix the streams.
Yuri Brysov, a partner at Digital and Analog Partners, previously told Cointelegraph that the recent Pump.fun debacle is “just cause for a criminal investigation and civil suit.”
Meanwhile, Mikko Otama, co-founder of marketing firm Trading Strategy, said on X that Pump.fun could either be shut down quickly by the police or eventually shut down years later once regulators get wind of the situation.
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