November was a whirlwind for Pump.fun, the popular meme coin launchpad on Solana, as it raked in a whopping $82.78 million. But hold onto your hats – the ride wasn't all smooth sailing.
Here's the scoop: Pump.fun was flying high with its livestream feature until things took a nosedive. Users went overboard, sharing shockingly inappropriate content in desperate attempts to skyrocket their tokens' values. The drama led to a temporary pause on livestreams, causing a 50% drop in token launches and some serious revenue losses.
According to DeFi data from DefiLlama, Pump.fun was on fire between November 18 and November 24, generating an impressive $33.83 million – the highest since its debut in early 2024. That’s a 60% jump from the previous week and a staggering 400% increase since early November. Meme coin madness truly took over the crypto scene!
But, oh boy, did things take a turn. The following week saw a dramatic plunge, with earnings dropping to $11.31 million – a low not seen since late October. Despite this blip, November's total haul of $82.78 million still stands as Pump.fun's best 30-day performance. Since its public launch, the meme coin launcher has pulled in over $227 million, with only a slight hiccup in September.
Alongside the revenue slump, the number of tokens launched on Pump.fun took a hit. On November 30, only 34,359 tokens were created – a steep fall from the 69,046 tokens launched just ten days earlier.
The chaos unfolded as Pump.fun decided to suspend its livestream feature due to users' increasingly concerning behavior. Meant to be a space for developers to showcase their projects, the feature was misused by some who resorted to desperate and extreme tactics. One developer threatened self-harm if their token didn't reach a certain market cap, while another shockingly threatened a pet’s safety for success.
In one jaw-dropping incident, a user ended up hospitalized with severe burns after setting himself on fire with fireworks during a live promo for the TruthOrDare (DARE) meme coin.
The Pump.fun team addressed the uproar with a community note on November 24, acknowledging the disturbing events and announcing an indefinite pause on livestreams. They're now committed to beefing up their moderation tools to keep such content off the airwaves in the future. Hang tight, crypto fans – it looks like Pump.fun is gearing up for a comeback!
