As a seasoned crypto investor with a keen eye for trends and a soft spot for innovation, I’ve seen my fair share of ups and downs in this wild world of digital assets. The recent turn of events at Pump.fun, a Solana memecoin launchpad, has certainly caught my attention.
As an analyst, I’ve observed a significant decrease in the weekly earnings of Pump.fun, the Solana-based memecoin launchpad, following their decision to disable the livestream feature due to concerns about inappropriate content being disseminated.
Starting in November, the earnings of the Solana memecoin creator steadily increased until they reached their highest point in the final week.
During the time frame of November 18th to 24th, DefiLlama’s data indicates that the memecoin launchpad yielded approximately $33.83 million in earnings for the week. This figure represents a substantial 60% rise compared to the preceding week and an impressive nearly 400% increase when compared to the beginning of the month.
During the timeframe of November 25 to December 1, there was a substantial decrease in the platform’s earnings compared to the prior weeks. DefiLlama data indicates that for this particular week, the revenue amounted to $11.31 million, marking a reversal in its growth trajectory. This figure represents a steep decline of approximately 66% from the previous week’s earnings.
The reduction in income occurred because members of the community urged for disabling the live streaming function, due to certain individuals misusing it by carrying out harmful activities with the intention of boosting their newly launched tokens.
Pump.fun livestream faced backlash
On November 25th, Beau, the safety project manager at Pudgy Penguins, reported that a user in one of their livestreams was threatening suicide if their coin didn’t reach a certain market value. Being a safety professional, he reached out to Pump.fun on platform X, asking them to intervene, halt the stream, and offer support to the distressed user.
As a researcher, I’ve come across instances where fellow social media users have reported concerning behaviors. Specifically, some users have claimed that other individuals have made threats about carrying out violent acts, such as shooting pets or instigating school shootings.
Due to an escalation in violent content, the Pump.fun team temporarily suspended their live streaming service. In a recent community update on November 25th, they admitted that distressing incidents on their live streams have sparked worry among users. They mentioned that this suspension is intended to allow them time to effectively monitor and regulate the streams before resuming the service again.
Yuriy Brisov, a partner at Digital and Analogue Partners, stated to CryptoMoon that the Pump.fun incident could warrant both a criminal inquiry and civil legal action.
As a researcher, I find myself reflecting on the words of Mikko Ohtamaa, co-founder of Trading Strategy, who stated on X that Pump.fun may face an immediate closure by authorities or, alternatively, could persist for several years before regulatory action is taken to understand and address its operations.
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2024-12-01 15:18