Pump.fun Revives Live Streaming with Moderation as Memecoin Hype Fizzles Out

Alon Cohen, co-founder of Solana-based memecoin launchpad Pump.fun, has announced the long-anticipated return of live streaming to the platform — five months after it was abruptly suspended due to widespread abuse and the broadcasting of harmful content.

In an April 4 post on X, Cohen confirmed that live streaming is being gradually reintroduced, initially to just 5% of users, with “industry standard moderation systems in place and transparent guidelines.” According to Pump.fun, the goal is to rebuild a social environment that fosters creativity while protecting users from harmful or illegal interactions.

New Moderation Policy: A Balancing Act

Pump.fun’s updated moderation policy lays out a set of content guidelines aimed at avoiding a repeat of last year’s controversies. Prohibited content includes violence, animal abuse, pornography, and youth endangerment. However, the policy also leaves room for interpretation, stating that Pump.fun does not aim to universally define what is “appropriate” or “inappropriate,” and concedes that NSFW content is expected to appear.

The platform emphasized that it reserves the right to unilaterally determine and moderate content, a move likely designed to give moderators full control over what goes live. Repeated or egregious violations may result in both livestream bans and account termination.

Live Streams Return After Past Chaos

Pump.fun initially shut down its live-streaming feature in November 2024 after it became a hotspot for attention-seeking creators engaging in extreme behavior — including threats of self-harm or violence — to promote their tokens. The surge in user activity overwhelmed moderation teams, prompting an indefinite pause “until the infrastructure could handle the scale.”

At the time, industry figures like Mikko Ohtamaa, co-founder of Trading Strategy, warned that Pump.fun risked being shut down altogether if harmful livestreams caught the attention of regulators or the media. “These streams are causing practical legal issues… This will trigger a shutdown when the mainstream media catches wind,” Ohtamaa warned.

Memecoin Frenzy Slows Dramatically

The return of livestreaming comes at a time when the memecoin market is significantly cooling down. Following a series of high-profile rug pulls — including Libra (LIBRA) and Melania Meme (MELANIA) — as well as plummeting prices for tokens like Trump (TRUMP) (down over 90% from January highs), investor confidence has withered.

According to Dune Analytics, the graduation rate — or percentage of Pump.fun-launched tokens that gain enough market cap to be traded on mainstream DEXs — has fallen below 1%, down from 1.67% in January. The total number of graduated tokens has dropped from 5,400 per week in January to under 1,500 in March.

On the broader Solana network, token launches are also collapsing. Only 31,651 tokens were launched on April 5, down more than two-thirds from the January 26 peak of 95,578, per Solscan.

A Critical Crossroads for Pump.fun

With declining token launches and sagging investor confidence, Pump.fun is betting that reviving live streaming, albeit with new guardrails, will reignite user engagement and differentiate the platform in a cooling market. But whether the new moderation measures will be enough to prevent a repeat of the past remains to be seen.

As the memecoin mania fades, Pump.fun faces the tough challenge of maintaining relevance — and trust — in a maturing ecosystem where social engagement must now coexist with safety and accountability.