PANews reported on November 29 that the well-known Memecoin platform Pump.fun experienced a one-third drop in daily revenue due to the disabling of user live-streaming features this week, falling from $5 million on Sunday to $3.6 million on Monday, marking the largest single-day drop since March of this year. Previously, the platform faced widespread criticism due to controversial content appearing in user live streams (such as fake suicide incidents).
Since its launch in January, Pump.fun has accumulated nearly $230 million in revenue, but recently, due to heightened negative sentiment towards the platform and signs of user fatigue, some traders are gradually turning to other ecosystems. According to Min Jung, a researcher at the analysis firm Presto Labs, an increasing number of users are shifting to the Base chain developed by Coinbase, with significant growth in trading volume on related platforms, such as the AI token platform Virtuals and the text command Memecoin tool Clanker, both of which have seen a substantial rise in trading volume and token prices recently.