- Users on Pump.fun hosted livestreams featuring extreme content.
- DL News uncovered the case of a fake suicide on the site.
- Revenue decreased on the platform in its largest one-day swing since March.
November started so nicely for Pump.fun.
Daily revenue on the site, which lets users create and launch their own memecoins, almost quintupled, to $5 million, by November 24.
This week, the fun came to an end after the site’s top line has nosedived by a third to $3.6 million, according to data from DefiLlama.
It may be hard to pinpoint exactly why, but the fall in revenue follows an especially contentious week for one of the buzziest projects in crypto.
In mid-November, a middle-schooler flipped off onlookers after he won $30,000 in a rug pull, or when memecoin creators sell large stashes in one fell swoop, which results in a price crash.
And, on Monday, a user purportedly committed suicide to promote his own cryptocurrency. (The stunt turned out to be fake.)
Later on Monday, Pump.fun disabled users’ ability to livestream.
Its revenue dropped more than $1.5 million from Sunday to Monday, its largest one-day price swing since DefiLlama began collecting data about the platform in March.
“Many users have expressed fatigue with Pump.fun memecoins, and negative sentiment towards the platform has reached an all-time high,” Min Jung, a research analyst at Presto Labs, told DL News.
Pump.fun has generated almost $230 million in total revenue since its launch in January.
Pump to Base
Jung also pointed out that traders are now gravitating away from Pump.fun.
“There seems to be a growing shift in interest toward the Base ecosystem,” he said, referencing the layer-2 blockchain developed by crypto exchange Coinbase.
Virtuals, a protocol that lets users buy and sell stakes in AI characters, has seen its token rocket 33% in price over the past 24 hours, according to CoinGecko.
And Clanker, an AI bot that lets users launch memecoins through text commands, has seen its own boom.
Daily trading volume on the platform, which runs on Base, has increased from $2 million in early November to a height of $116 million on Tuesday, according to Dune.
Crypto market movers
- Bitcoin is up 2% over the past 24 hours to trade at $97,413.
- Ethereum is down 1% at $3,597.
What we’re reading
- UK government has no idea how to value the NFTs it seized two years ago— DL News
- 4 signals every investor should track — Milk Road
- Are NFTs making a comeback? — Milk Road
- Ether Gains 19% Against Bitcoin in a Week After Months of Underperformance — Unchained
- Why Texas’ anti-crypto queen just quit her ‘Sisyphean’ quest to ban Bitcoin mining — DL News
Ben Weiss is DL News’ Dubai Correspondent. Got a tip? Email him at bweiss@dlnews.com.
Update, November 29: Added in where pricing information for the Virtuals token was sourced as well as where daily trading volume for Clanker was sourced.