The post Pump.fun loses 66% of its revenue following livestream controversy appeared on BitcoinEthereumNews.com.

Solana meme coin launchpad pump.fun has lost some of its weekly revenue. According to data from DefiLlama, the platform has seen its weekly revenue drop by 66% following the decision to disable its livestream features. The platform decided to disable the feature following reports of illegal and harmful content being broadcasted to users by some developers. The company’s revenue notched a weekly high of $33 million in November. The Solana launchpad started November on a bright note, seeing its revenue peak by the end of the fourth week. DefiLlama’s data detailed the platform’s activities from November 18 to 24, where it posted $33 million in revenue for the week. The rise was a surge of 60% from the previous week and a 400% jump compared to revenue from the start of the month. Pump.fun registers a drastic weekly revenue drop Following its massive weekly returns in November, the platform’s revenue fell drastically this week. DefiLlama shows that the drop occurred from November 25 to December 1. The platform registered a weekly inflow of $11 million, undoing the gains it registered in November. The figure represents a massive 66% drop from the previous week. Pump.fun weekly revenue. Source: DefiLlama The decrease ensued after the platform announced it would remove livestream capabilities from the website. Before this decision, there had been several calls from Pump.fun users detailing the illicit activities playing out on live streams. For instance, some users threatened to harm themselves if the market cap of their tokens failed to hit a threshold by a certain time, while others were using it to carry out rug pulls, floating tokens, and draining liquidity. Livestream backlash and the can of worms in the crypto industry Pump.fun and the whole crypto sector were alarmed on November 25, after the safety manager of Pudgy…

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Filed under: News - @ December 1, 2024 3:27 pm