Solana-Based Memecoin Platform Pump.Fun Faces 33% Revenue Drop After Pulling Plug on Controversial Livestreaming Features

The decision followed a bizarre incident where a user staged a fake suicide during a live broadcast to promote their memecoin.

Solana-based memecoin platform Pump.Fun encountered a significant 33% decline in revenue following the decision to discontinue its controversial livestreaming feature.

According to data from DeFiLIma, Pump.Fun's daily revenue dropped drastically from $5 million to $3.6 million in a single day after the incident.

The decision to pull the plug on livestreaming came after a bizarre incident where a user staged a fake suicide during a live broadcast to promote their memecoin.

Initially, Pump.Fun's livestreams were known for hosting viral stunts and over-the-top celebrations, including a middle-schooler flaunting $30,000 earned from a controversial rug pull.

However, the fake suicide incident sparked widespread backlash, ultimately forcing Pump.Fun to shut down its livestreaming service and leaving users to question the platform's ethical boundaries.

Since its launch, Pump.Fun has generated an impressive $230 million in revenue. But some analysts express concern that the platform's unchecked chaos may have finally reached a tipping point.

Competitors on rival platforms, such as Base, are already keeping a close eye on potentially disillusioned users.

These recent incidents highlight the dangers present in the largely unregulated memecoin market, where protections against illicit practices and harmful content are often lacking.

While Pump.Fun's livestreaming feature initially boosted its popularity by creating viral moments, it also exposed the platform to critical vulnerabilities.