Pump.fun Records Impressive Revenue
Pump.fun, a prominent meme coin launchpad, achieved remarkable financial success by recording $78 million in revenue for the month of November. This milestone represents a significant 35% of the platform’s total earnings since it was launched, showcasing its rapid growth and popularity in the cryptocurrency space. According to data from DefiLlama, the platform experienced a notable increase in user engagement and transaction volumes, which contributed to this extraordinary monthly revenue figure. As of now, Pump.fun has accrued a total of $78.28 million since November 1, 2024.
Temporary Suspension of Livestream Feature
In a recent development, Pump.fun, which operates on the Solana blockchain, has temporarily halted its livestreaming feature. This decision comes in response to reports regarding inappropriate and disturbing content that emerged during these livestreams. The platform has indicated that the service will remain unavailable until enhanced content moderation tools are established.
The livestreaming option, introduced in August, was initially intended to allow users to express their reactions to fluctuations in token prices. However, the feature quickly devolved into a space where users exhibited concerning behavior, prompting significant alarm within the community. Disturbing incidents included broadcasts with threats of violence and self-harm; one particularly alarming case involved a user threatening to harm their pet if the value of their meme coin did not reach a specified market cap.
In light of these events, Pump.fun has acknowledged the gravity of the situation and has publicly committed to enhancing its content moderation capabilities. The platform aims to be more transparent regarding its moderation practices, ensuring users are well-informed about how content enforcement decisions are made.
CZ’s Take on Meme Coins
Changpeng “CZ” Zhao, co-founder and former CEO of Binance, has recently shared his perspective on the evolving landscape of meme coins. In his statements, Zhao differentiated between meme coins and cryptocurrencies that underpin meaningful infrastructure and applications. He acknowledged the cultural significance of memes but expressed concern about the peculiarities surrounding meme coins in recent times.
“I am not against memes, but meme coins are getting ‘a little’ weird now,” Zhao commented. “Let’s build real applications using blockchain.” He emphasized his belief in the importance of developing substantial projects rather than focusing solely on speculative assets.
Zhao clarified that he is not attempting to discourage individuals from making their own investment choices; rather, he hopes to inspire more developers to create robust applications in the blockchain space. Additionally, he has raised concerns about potential threats to users of macOS and iPhone, warning them about vulnerabilities in Intel chip-based devices that could be exploited for running unauthorized code and executing cross-site scripting attacks.