Feature Returns with Moderation After Controversial Hiatus
Pump.fun, the Solana-based memecoin launchpad that skyrocketed to popularity during the peak of the memecoin craze, has reintroduced its live-streaming feature—but only to 5% of users. The return follows a five-month suspension due to widespread abuse and the platform’s struggle to moderate harmful content.
Co-founder Alon Cohen announced the reinstatement on April 4, stating that the platform now includes “industry standard moderation systems” and clear community guidelines to manage the new rollout.
“Our goal is to foster creativity and freedom of expression while protecting users from harmful or illegal behavior,” reads the platform’s updated moderation policy.
pump fun livestreaming has been rolled out to 5% of users with industry standard moderation systems in place and transparent guidelines: https://t.co/26r5M4Awam
— alon (@a1lon9) April 4, 2025
However, Pump.fun acknowledged that a large portion of content may remain NSFW, and it reserves the right to “unilaterally determine” what is appropriate.
Wild West of Memecoins Faces a Reckoning
Pump.fun first disabled live streaming in November 2024 after streams were flooded with extreme, exploitative, and even criminal content, including alleged self-harm threats tied to token performance. At the time, platform growth had outpaced its ability to enforce standards.
Critics warned the situation would become untenable if mainstream attention increased. Algorithmic trading firm co-founder Mikko Ohtamaa cautioned that without stronger moderation, the platform risked shutdown:
“These streams are causing practical issues where people are breaking the law in live broadcasts. This will trigger a shutdown once the mainstream media catches wind.”
On Pump dot fun streams getting out of a hand, Pump dot fun has two options:
💀 Pump dot fun keeps no moderation, true to the nature of crypto anarchisim, gets closed down fast by police
💀 Pump dot fun closes the streams, and gets closed down later after regulators wrap their… pic.twitter.com/NOII1tGVwF
— Mikko Ohtamaa (@moo9000) November 25, 2024
The platform claims that moderation systems are now prepared to handle future spikes in user activity and content volatility, but skepticism remains among observers.
The Comeback Arrives as the Memecoin Bubble Deflates
Pump.fun’s decision to reintroduce livestreaming comes at a time when the memecoin market is showing signs of exhaustion. Once a $100 billion ecosystem, the market cap for memecoins has now slipped below $44 billion, with top names like TRUMP down over 90% from January highs.
Token performance isn’t the only problem. Data from Dune Analytics shows the “graduation rate” of tokens launched on Pump.fun—defined as reaching sufficient liquidity and market cap to trade on major decentralized exchanges—has fallen to under 1%, down from a peak of 1.67% earlier this year.
That decline is reflected in token creation metrics as well. The number of tokens launched on Pump.fun dropped from over 5,400 per week in January to under 1,500 in March. According to Solscan, only 31,651 tokens were created on April 5, a sharp decline from the January 26 peak of 95,578.
Final Thoughts: Reviving a Feature or a Fading Era?
Pump.fun’s revival of live-streaming is a calculated risk. While it may rekindle engagement among users and creators, it also reopens the door to the same content moderation challenges that forced its shutdown.
At the same time, the memecoin space is undergoing a necessary recalibration. The market is shifting away from chaotic virality and toward more sustainable (if still speculative) innovation. Whether Pump.fun can reinvent itself as a platform for social experimentation rather than shock-driven hype remains to be seen.
With NSFW ambiguity baked into the policy and content controls centralized, the new Pump.fun may still walk a thin line between freedom and platform liability in a post-memecoin-frenzy landscape.
