As a seasoned researcher with over two decades of experience in the dynamic world of blockchain and cryptocurrencies, I find myself both intrigued and concerned by the recent developments surrounding Pump.fun. The platform’s meteoric rise and subsequent fall is a testament to the volatile nature of this industry, yet it also raises serious questions about accountability, regulation, and community safety.
As an analyst, I’ve noticed a significant downturn in Pump.fun, the well-known Solana meme coin launchpad. This drop can be attributed to a string of concerning events linked to their live streaming function.
It appears the platform is dealing with the consequences following their choice to momentarily halt the livestream feature, as some users streamed upsetting content in an attempt to boost the value of their tokens.
Weekly Income Nosedives
Data gathered by DeFi data collector DefiLlama indicates that from November 18th to November 24th, Pump.fun yielded a significant income of approximately $33.83 million, marking its highest revenue since its debut in early 2024.
Last week’s figure showed a 60% rise compared to the previous one and a significant 400% surge since early November, as the craze for meme coins swept across the entire crypto market. However, the following week brought about a substantial $22.52 million drop, with earnings diving to $11.31 million – the lowest the platform has seen since late October.
Although there was a decrease, the $82.78 million raised in November, as reported by DefiLlama, marks the highest monthly earnings for Pump.fun since its public launch, surpassing all other 30-day periods. The growth has been consistent since March, with only a slight dip in September to $14.41 million being the exception. Since then, Pump.fun has accumulated over $227 million in total revenue from meme coin launches.
During the same timeframe, there was a noticeable decline in weekly earnings and a substantial decrease in the number of tokens minted on Pump.fun. As per Dune’s data, only 34,359 tokens were generated on November 30, which is half the number (69,046) produced just ten days prior on November 20.
Exploitative Livestreams
The decrease occurred with Pump.fun halting its live streaming service due to increasing worries about inappropriate conduct. Initially designed for developers to showcase their projects, it seemed some exploited this opportunity, broadcasting actions such as self-harm threats and extreme violence.
As a researcher, I encountered an intriguing set of incidents that raised some ethical concerns. In one instance, a developer expressed a dire personal consequence – the threat of suicide – if their token failed to reach a particular market capitalization. Simultaneously, another individual made a disturbing statement, suggesting they would harm an animal in exchange for the success of their project. These statements underscore the need for a more responsible and ethical approach within the crypto community.
During a recent event, I found myself in an unfortunate situation where I ended up in the hospital for several days due to some severe burns. This happened when I carelessly combined isopropyl with fireworks, a decision I made during a live stream aimed at advertising the TruthOrDare (DARE) meme coin.
In response to public concern, Pump.fun released a statement on November 24, admitting the troubling nature of the recent events. They further declared they would temporarily halt the live streaming function, committing to enhancing their moderation systems to ensure similar content doesn’t appear again in the future.
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2024-12-02 23:16