Pump.fun makes comeback after 2024 controversy

The cofounder of leading Solana-based memecoin launchpad, Pump.fun, has declared it has already overtaken Rumble in the live-streaming market, though independent data to back that claim remains scarce.

Alon Cohen said on X that the platform has “already flipped Rumble in terms of average number of concurrent live streams,” adding that it is “currently inching at ~1% of Twitch’s market share and ~10% of Kick’s.”

He concluded with a warning to rivals: “We’re nibbling on their lunch and COMING FOR MORE.”

Pump.fun makes comeback after 2024 controversy

Pump.fun’s streaming feature was first introduced in 2024 as a way to integrate live broadcasting with token launches. However, in late 2024, the company suspended live-streaming indefinitely after reports of abusive and dangerous live sessions, including users engaging in self-harm stunts to promote token launches.

Earlier this year, the feature was reintroduced for a limited pool of about 5% of users, with stricter moderation and safety rules. Shortly after, it was made available to all users.

Since coming back from the dead, it has brought more life to the platform, with the team pushing for increased adoption, and it seems to have taken it a notch further this September.

Alon leads challenge to live-streaming model

The company has been pitching the model as a radical alternative to platforms like Twitch, Kick, and YouTube. In a follow-up post on X, Alon listed the platform’s key advantages, one of which, according to him, is instant creator fees, adding that creators will make times 100 what they’ll earn elsewhere.

Another advantage is instant viewership with a community that’s incentivized to support creators. Others are free clipping on X and 24/7 support from the team.

The pitch is targeted at younger creators frustrated by what Alon described in another post as “lack of monetization or censorship” on mainstream platforms. “Millions of the most influential people amongst Gen Z are begging for a better system,” he said.

Although it has been hard to verify Pump.fun’s claims, according to data from StreamCharts, Rumble has averaged about 251 concurrent live channels and over 56,000 concurrent viewers over the past 30 days.

For Pump.fun to have “flipped” Rumble, it would need to surpass that threshold in active live streams. While there’s data that shows the activity on other streaming platforms such as Rumble, Twitch, YouTube, Kick, and many more, there’s no data to back Alon’s claim, which came not long after Pump.fun’s native token briefly crossed $3 billion in its market capitalization.

Skepticism over the token model

The platform’s rapid growth has caught the attention of industry observers, but not all are convinced of its sustainability. Bob Bodily, founder of Odin.fun, a memecoin launchpad in the Bitcoin ecosystem, voiced concern that Pump.fun’s token-driven system could ultimately turn creators against it.

“Streaming on Pump.fun gives you an opportunity to make money, especially right now in the early days,” Bodily posted on X. “But why does a streamer want a token hanging over their heads? As soon as the volume stops (which it inevitably will), the music stops, and everyone hates them for their low-performing token.”

He added that the model incentivizes volatility rather than stable earnings: “Volume-based creator rewards incentivize pump and dumps. As a creator, you want volatility in your token because that drives volume and rewards. So I’m not a huge fan of the model.”

While Pump.fun promises recurring revenue and instant fees, critics fear the incentives encourage short-term extraction rather than sustainable communities.

The live-streaming wars are increasingly shaped by questions of monetization. Pump.fun is betting that creators will embrace speculative token models as a shortcut to earnings. Its critics argue that those same mechanisms could drive them away.

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