The veteran public chain Solana's low transaction fees have made it one of the best incubators for meme coins, and Solana's meme coin issuance platform Pump.fun has seized on investors' craze for meme coins, not only launching a "one-click coin issuance function", but also announcing the launch of the "Stages" live streaming function at the end of August, allowing coin issuers to interact with users through live streaming.
Live streaming chaos approaches the Dark Web
Last week, the "Sell Baby Kid" we reported on previously used Pump.fun to live stream the issuance of coins, driving the coin price to a peak of $80 million. And this live stream seems to have opened Pandora's box in the crypto world.
Further reading:Excited Kid on Pump.fun Streams 3 Tokens, Earns $50K, But Misses Out on 100x Profit
After the kid's live stream of coin issuance, some users saw the potential of live streaming coin issuance, and began to imitate it on Pump.fun. However, crypto users are looking for narratives, and simple live streaming is unlikely to make participants buy in, so many coin issuers have started using sex, challenges, violence, abuse, and intimidation to gain user attention.
Among these, many people use the "market cap not reaching XXX million, I'll XXX" live streaming model to attract users' attention, allowing users to drive up the market cap to complete the challenge, and this model often involves self-harm (intentional sleep deprivation, continuous sitting on the toilet), violence and abuse (beating people, abusing animals, shooting), various pornographic performances, etc., with all kinds of chaos approaching the level of the Dark Web.
And because the coin issuers have no bottom line in creating topics, the community has started to call for a boycott of Pump.fun and demand that Pump.fun shut down the live streaming function. However, in the face of the community's demands, Pump.fun did not shut down the live streaming function, but instead took down the live streams with illegal behavior. Pump.fun co-founder alon said in a tweet yesterday (24th):
Hundreds of live streams containing violence and abuse have been taken down:
no, there have been hundreds of streams that have been taken down
— alon (@a1lon9) November 24, 2024
Will Pumpfun become the trigger for the Solana crash?
On the other hand, according to data from defillama, in the past year, Pump.fun's protocol revenue was $215 million, ranking second in the Solana ecosystem, slightly lower than Solana's $280 million, indicating the importance of Pump.fun.
Furthermore, we know that the success of the Solana meme season is largely due to Pump.fun's one-click coin issuance function, and Solana network gas fees and decentralized exchange fees have also been driven by meme trading.
Therefore, I believe that if the inappropriate live streaming incident leads to government investigation or even banning of Pump.fun, the Solana ecosystem may experience a major shock. Although there is no relevant news so far, if Pump.fun does not strengthen its control, the above situation is very likely to become a reality.
