Originally published on: December 01, 2024
Pump.fun, the Solana memecoin launchpad, experienced a sharp decline in weekly revenue after disabling its livestream feature following reports of harmful content being broadcasted. The platform had initially seen a significant increase in revenue at the beginning of November, reaching a peak in the fourth week.
According to DefiLlama data, Pump.fun generated a revenue of $33.83 million from Nov. 18–24, marking a 60% increase from the previous week and nearly a 400% surge compared to the start of the month.
However, things took a downturn in the following week, with revenue plummeting to $11.31 million from Nov. 25 to Dec. 1, showing a 66% decrease from the previous week and reversing the upward trend.
The decline in revenue was attributed to community concerns regarding harmful content being broadcasted on the livestream feature. Reports surfaced of users on the platform engaging in threatening behavior in an attempt to manipulate the market.
In response to these disturbing incidents, Pump.fun made the decision to disable the livestream feature indefinitely to ensure proper moderation and address the safety concerns raised by the community.
Experts have weighed in on the situation, with some suggesting that the controversy surrounding Pump.fun could lead to potential legal repercussions. Nevertheless, the platform remains committed to addressing the issue and providing a safe environment for its users.
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