Pump.fun Generates $215 Million Amid Livestream Controversy
The meme coin platform Pump.fun faces criticism for its livestream feature, which has been misused for violence, financial scams, and inappropriate content. Originally designed to aid developers in promoting their coins, the feature's misuse has led to community outrage and calls for stricter moderation or removal.
Since its launch earlier this year, Pump.fun has become a popular platform for meme coin creation, generating $215 million in revenue and facilitating over 3.8 million meme coins. However, incidents of extreme behavior during livestreams have raised significant concerns about user safety and the platform's credibility.
One notable case involved a developer threatening self-harm if his cryptocurrency did not reach a specific market cap. Other users issued threats to pressure investors into supporting projects. These events have prompted discussions about user safety within the community.
A shocking incident reported by Beau, a safety project manager at Pudgy Penguins, involved a livestream where an individual threatened self-harm if their coin failed to meet financial targets. Beau expressed widespread frustration: “Shut down the livestream feature. This is out of control.”
In addition to harmful acts, Pump.fun has seen financial scams. A recent case featured a young user who created a meme coin named QUANT, raised $30,000, and then abandoned it, leaving investors with worthless tokens. This incident escalated when the individual's personal information was exposed.
The community remains divided on solutions. Some advocate for shutting down Pump.fun entirely, while others suggest moderating the livestream feature. Eddie, a legal intern, criticized the platform's governance, stating that much of the content is “conceptually lazy” and dangerous. “There’s an art to creating engaging content, but what we see on Pump.fun is neither creative nor interesting—it’s dangerous,” Eddie noted.
Pump.fun executives defended the platform, highlighting ongoing moderation efforts. Alon, an executive, stated that a team works continuously to address issues and encourages users to report violations. “Our moderation isn’t perfect, but we’re constantly improving,” he said.
This situation illustrates a broader dilemma for Pump.fun: balancing creative freedom with user safety. While the platform offers innovative opportunities, the lack of effective controls has serious implications. The community demands decisive action to enhance user safety and restore trust.
Despite these challenges, Pump.fun remains financially successful, earning $215 million since March 2024 and enabling millions of meme coins. However, without stronger moderation, its reputation and long-term sustainability are at risk.