After experiencing steady growth since early November, the daily revenue of meme coin launching platform Pump.fun plummeted. Revenue dipped from a monthly high of $5.3 million on Nov. 24 to $3.6 million on Nov. 27. This sharp decline seemingly coincides with the platform’s decision to halt the livestreaming of meme coin launches.
The Solana-based platform removed the live streaming feature following reports that some meme coin creators resorted to extreme tactics to promote their tokens. Pump.fun announced the pause would remain in effect until a moderation system could be implemented to handle the increased activity.
Concerns regarding shocking stunts live streamed by desperate meme coin creators were escalating. However, the broadcast of a purported suicide finally prompted Pump.fun to act. A Nov. 27 report by DL News later revealed the suicide video was a staged stunt by the meme coin creator.
Critics believe the daily stream of such stunts and shocking acts contributed to Pump.fun’s phenomenal revenue growth – exceeding $230 million since January. However, an expert quoted in a DL News report suggests the drop could signal user fatigue.
“Many users have expressed fatigue with Pump.fun meme coins, and negative sentiment towards the platform has reached an all-time high,” the expert said.
Furthermore, Pump.fun faces heightened competition. Coinbase’s Base platform is seen as its most potent rival, while Justin Sun’s Sunpump and Token Mill are also vying for market share.