Pump.fun Temporarily Disables Livestreams Following Backlash Over Content
The Solana memecoin launchpad pump.fun faced backlash following violent and inappropriate livestreams on its platform, leading to the temporary deactivation of the livestream feature by Monday afternoon.
These streams included threats of violence related to token prices and offensive content aimed at generating shock value. Despite this controversy, pump.fun reported a revenue peak of $14.3 million on Saturday, nearly tripling its previous record.
Pump.fun has been compared to 4chan for its lack of moderation and edgy content, which previously included racially insensitive or pornographic tokens. In response to the backlash, founder alon stated the platform would work to mitigate exposure to harmful content, noting that hundreds of problematic streams had been removed.
By 2:00 p.m., pump.fun disabled all livestreams, citing “unprecedented growth” as a challenge for content moderation, with an indefinite pause on livestreams announced in a blog post.
This incident marks a significant moment for pump.fun, which has generated nearly $250 million in revenue since its launch, largely driven by memecoin activity. This surge has increased demand for Solana's blockspace, benefiting the blockchain’s validators.
While some view memecoins as a stress test for the network or a playful financial use case, others are calling for scrutiny regarding their impact on the crypto industry's reputation. Critics like Chainlink community liaison Zach Rynes liken pump.fun to a potential stain on the industry comparable to FTX, while tech lawyer Preston Byrne highlighted its social media law shortcomings.
Historically, pump.fun has responded to criticism with humor, but with livestreams now disabled, it remains uncertain how this backlash will affect traders involved in memecoins.