Since its launch earlier this year, meme coin platform Pump.fun has become a prominent name in the Cryptocurrency industry. The platform allows users, regardless of technical level, to create and deploy meme coins quickly.
However, live streaming has led to serious controversies and calls for bans due to inappropriate content and financial misconduct.
Initially, Pump.fun’s live streaming feature was designed to allow developers to promote their meme coins. Unfortunately, some users have taken advantage of it to broadcast extremist and harmful activities. One case that stands out is that of a developer promote act of self-harm if his Cryptocurrency reaches a market capitalization of 25 million USD.
Additionally, some users threaten to harm pets or even humans if their coins fail to reach certain market capitalization targets.
The situation becomes dire when Beau, a safety project manager at Pudgy Penguins, reports a disturbing live broadcast. In it, an individual threatens to hang himself if his coin does not reach a specific market capitalization.
“Turn off live streaming now. This is getting out of control,” Beau confirm.
The platform is also a hotbed for financial scams, featuring “rug pulls.” A recent case involved a student who created a meme coin called QUANT, quickly raised 30K USD and then left the project, leaving investors with worthless digital tokens. This resulted in the personal information of the boy and his family being compromised share mean online.
In response to these incidents, some community members have called for a complete shutdown of the platform. Conversely, others argue that simply disabling the live streaming function may be enough.
Eddie, a legal intern, strongly criticized the platform’s governance. He believes that turning off live streams or adjusting them is extremely important.
“There is an art to shock value on live streams. Simply sharing provocative or shocking content is not fun. People look for fresh stories and concepts that appeal to them. The content shared on the current Pump livestream is not only uninteresting but also lazy in terms of ideas,” Eddie speak.
However, Alon, a director of Pump.fun, asserted that the platform’s content has been adjusted from day one.
“We have a team of moderators working around the clock and a team of internal engineers helping us handle the increased scale of coins, streams, and comments. I admit that our moderation is not perfect, so if you know of a coin that is not moderated, please report it immediately in our support channels,” Alon speak.
The ongoing debate reflects the platform’s dilemma. While providing great creative freedom to users, it also poses serious risks without strict regulation.
Now, communities and stakeholders are waiting for decisive action. The call for increased moderation is growing louder, to protect both platform integrity and users from potential harm.
Despite these controversies, Pump.fun continues to perform well financially. Data from DefiLlama shows that the platform has raked in more than $215 million in revenue since March 2024.
Furthermore, this platform has support Deployed over 3.8 million meme coins.