Pump.fun has reactivated its livestreaming feature for 5% of users, alongside a stricter content moderation policy to prevent abuse of the platform.
The Solana-based memecoin launchpad disabled streaming in November 2024 following serious violations, including the broadcasting of child abuse and other disturbing content intended to drive up token prices.
The updated guidelines strictly prohibit content involving violence, harassment, sexual activity, youth endangerment, and other harmful behaviors. Users who break the rules risk having their streams terminated and may be permanently banned from the platform.
According to the livestream policy, Pump.fun’s goal is to support a social environment that allows creativity while blocking harmful or illegal activity. Co-founder Alon confirmed via X that a limited rollout of livestreaming is now live for a small portion of the user base.
The platform is working to rebuild trust following its controversial past use of livestreaming, which had been exploited to manipulate memecoin valuations. The relaunch suggests Pump.fun is testing a more controlled rollout to avoid repeating past mistakes.
The memecoin boom on Pump.fun has been losing steam, with the platform’s graduation rate staying below 1% for a fourth straight week.
The term “graduation rate” refers to the percentage of tokens that make it through Pump.fun’s incubation phase and become fully tradable on Solana decentralized exchanges (DEXs). Tokens must meet liquidity and trading benchmarks to qualify.
The platform has never had a high success rate, but its best week in November 2024 saw 1.67% of memecoins graduating. At the time, 323,000 tokens were created in a single week, sending around 5,400 new tokens into Solana’s DeFi market. Now, with lower token creation volume, weekly graduations dropped to an average of just 1,500 over the past month.
New token launches on Pump.fun also slowed. At its peak in January, nearly 1,200 tokens were launching daily, but that number has since fallen below 300 per day in early March.
Trading volume for its graduated tokens plunged 94% from January highs of $3 billion to about $170 million. The platform’s token graduation rate—which tracks new coins reaching a $100,000 market cap to move to Raydium—has also slowed, dropping from 1.85% to 0.83% weekly.
Co-founder Alon Cohen attributed the slowdown to broader market conditions, explaining that when the market dips, altcoins and memecoins follow suit. However, he noted that Pump.fun’s share of revenue in the on-chain ecosystem remained stable.
The downturn hints at trader fatigue within Solana’s memecoin ecosystem. Months of hype have been followed by growing distrust, fueled by rug pulls, influencer-driven schemes, and insider trading groups. Speculative surges like those seen with presidential, influencer, and AI-themed tokens often fizzle out as risks become clearer.
Looking ahead, Pump.fun isn’t standing still. It recently launched a mobile app and teased a native automated market maker (AMM).
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