Solana-based platform saw a second consecutive month of optimistic volumes. According to data, for the second consecutive month, Pump.fun’s monthly volume surpasses $60 million.
The rise in volume comes against the backdrop of the platform facing criticism over its livestream feature.
Pump.fun faces Criticism Over Livestream Feature Was Disabled
Today’s news on the Rise in volume for the month of November comes after the platform had previously seen a sharp decline in weekly revenue after its livestream option was turned off owing to complaints about offensive content being broadcast.
Once soaring on a wave of memecoin fervor, the site saw severe community backlash, which prompted immediate action to address safety concerns.
Community members’ reports of concerning behavior brought attention to the topic surrounding Pump.fun’s livestream feature. Beau, Pudgy Penguins’ safety project manager, reported a concerning livestream in which a user allegedly threatened to hurt himself if their token did not hit a specific market cap. The moderation practices of Pump.fun were widely criticized as a result of these and related events.
Pump.fun Stays Market Favorite Despite Market Criticism
Pump.fun is still a major force in the memecoin market in spite of the loss. A 1% equity investment in Pump.fun was recently launched by private markets platform SecondLane for a fully diluted valuation (FDV) of $1.5 billion.
The $15 million financing demonstrates investor faith in the platform’s long-term prospects in spite of its present difficulties.
In response to the criticism, Pump.fun said that it would permanently discontinue the broadcast capability. The team acknowledged the gravity of the issue and reaffirmed their dedication to user safety in a statement. The team noted, “The unsettling events on the livestreams have caused concern,” and stated that before re-enabling the feature, they would examine and enhance moderation.
Pump.fun Sees November Revenue Rise
November saw an increase in revenue for Pump.Fun, the top dapp on the Solana blockchain, which keeps hitting incredible figures. Due to the launchpad of memecoin Pump.fun, the dapps on Solana saw a significant increase in revenue throughout the month of November.
The decentralized applications of the chain reported earnings of $365 million in the previous month. This statistic, which is a consequence of a lot of trading activity by meme coin fans, is extremely high when compared to industry standards.
Despite having experienced a number of issues recently, Pump.fun stands out among the dapps with a revenue of $106 million. It’s important to note that the revenues made by Dapps using memecoins have increased by more than 300 times in 2024.