Memecoin Platform Pump.fun Reintroduces Live Streaming Feature Amid Market Struggles

Pump.fun Revives Live Streaming with Enhanced Moderation After Content Issues

Memecoin platform Pump.fun, known for its launchpad services for meme-based cryptocurrencies, has reintroduced live streaming after a five-month suspension due to concerns over harmful content. Alon Cohen, co-founder of Pump.fun, announced the feature's return on April 4, noting that it would be rolled out initially to just 5% of the platform’s user base. The reintroduction comes with newly implemented “industry standard moderation systems” and clearer content guidelines aimed at fostering a safer and more engaging environment.

The decision to bring back live streaming follows a controversial period in which the platform became plagued with extreme content, including threats of violence and self-harm tied to token price goals. This prompted Pump.fun to pause the feature in November 2024 while it addressed the shortcomings in its moderation system. In his post, Cohen assured users that the updated moderation framework aims to balance freedom of expression with the safety of the community.

Source: Alon Cohen

New Moderation Guidelines: A Fine Balance Between Freedom and Safety

The platform's updated moderation policy lays out clear guidelines for prohibited content, including violence, animal abuse, pornography, and youth endangerment. However, the policy also introduces some ambiguity by stating that “Pump.fun does not intend to universally define what content is ‘appropriate’ or ‘inappropriate.’” Instead, the platform allows for flexibility in moderation, asserting that it reserves the right to make unilateral decisions about content based on its discretion.

The moderation system reflects Pump.fun’s broader goal to preserve a social space that encourages creativity and free expression while avoiding illegal, harmful, or disruptive interactions. However, the platform's statement also acknowledges an implicit acceptance of “not safe for work” (NSFW) content, recognizing that some content, by its nature, may not fit within traditional definitions of appropriateness.

This stance is likely to raise concerns about how effectively the platform can balance the desire for unrestricted content with the need to prevent harmful or illegal activity. Pump.fun has warned creators that violating the moderation guidelines could result in their live streams or accounts being permanently suspended.

Live Streaming Returns Amid Struggling Memecoin Market

The reintroduction of live streaming comes at a time when the memecoin market is experiencing a significant downturn. Interest in memecoins, once the darling of the cryptocurrency world, has waned after a series of high-profile rug pulls, such as the Libra (LIBRA) and Melania Meme (MELANIA) tokens. Additionally, the Trump (TRUMP) token has seen a steep decline, dropping over 90% from its highs in January 2025, according to data from CoinGecko.

The memecoin market’s decline has had a direct impact on Pump.fun. Data from Dune Analytics shows a sharp drop in the platform’s graduation rate—the percentage of tokens launched on Pump.fun that achieve enough market capitalization to be traded on decentralized exchanges. In March, the graduation rate fell to under 1%, down from its peak of around 1.67%. Moreover, the number of new tokens being launched on the platform has dropped drastically, from over 5,400 tokens per week in January to fewer than 1,500 by March 2025.

The decline in token launches is mirrored by a broader downturn in the Solana network, with only 31,651 new tokens being launched on April 5, far less than the 95,578 seen at the height of the memecoin frenzy in January.

Platform Faces Growing Pains

Pump.fun’s decision to bring back live streaming amid these market challenges speaks to the platform's attempts to maintain relevance in a fluctuating memecoin landscape. While live streaming may help revive user engagement, its success hinges on the effectiveness of the new moderation systems. If the platform can strike a balance between free expression and user safety, it could regain some of its previous momentum. However, the broader market downturn and the decreasing appeal of memecoins may pose ongoing challenges for Pump.fun as it navigates a more cautious and skeptical crypto audience.

As the memecoin market continues to cool and user behavior increasingly shifts, Pump.fun’s ability to innovate while maintaining user trust will determine the future of its platform and its place in the larger Solana ecosystem.

Pump.fun’s comeback with live streaming comes at a precarious moment for both the platform and the memecoin market. While its moderation improvements signal an effort to safeguard the community, the broader memecoin downturn raises questions about the platform’s long-term viability in an evolving market.