Pump.fun metrics are down after removing livestreams.
(Photo by Hristo Rusev/NurPhoto via Getty Images)
Share
Key Takeaways
Pump.fun daily active, new users, trading volumes, and the number of addresses creating tokens are down by 50% or more.
Memecoins created on Pump.fun fuelled $126 billion in 30-day trading volumes.
Pump.fun tokens account for 62% of all November transactions on Solana.
Once celebrated for lowering the barriers to creating cryptocurrencies, Pump.fun’s livestream content pushed the limits of what’s considered as going too far.
After porn, violence, death, and a myriad of other dark and dangerous streams had finally taken hold of the platform and calls for the platform’s shutdown became too loud to ignore, Pump.fun was forced to remove the livestream feature.
According to the latest data available on Dune, Pump.fun is experiencing a huge decline in platform activity. The number of addresses creating new tokens has dropped by 50%, from 37,134 on Nov. 27 to 14,952 on Nov. 28.
Source | Dune
Naturally, such a decline is hitting Pump.fun where it hurts: revenue from fees.
That figure leveled out considerably in the following days, but as of Nov. 28, revenues slumped under $2 million for the first time since Nov. 11.
Activity Down
As per a Dune dashboard provided by Gryphsis Academy, Pump.fun active and new users have fallen off a cliff following the suspension of its livestream feature.
Source | Dune
On Nov. 27, the active user count peaked at 282,560, as did the new users at 152,358.
As of Nov. 28, those figures have plummeted. Active users now stand at 86,245 a decrease of 69.4%, and new users have shrunk 76.5% to 35,711.
Source | Dune
Trading volumes have also been cut by over 60%, as the number of daily transactions fell from 3.27 million, yielding $283.62 million in volumes, to 1.29 million transactions and $103.31 million in total volumes.
Down But Not Out
The suspension of Pump.fun’s livestream feature doesn’t come as a surprise, as calls for the platform to be shut down or banned outright were mounting due to the increasingly dark livestream content.
Speculatively, the team will probably reinstate the feature once they have a better moderation grip on its content.
Judging by the numbers today, at least half of all activity on Pump.fun can be attributed to the draw of its livestream feature.
That, or by pure coincidence, a massive portion of Pump.fun’s activity and revenues have vanished overnight.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
