- Streamers staged a fake private jet crash to promote Pump Fun as platform activity continued to drop.
- Trading volume, number of tokens launched, platform revenue, and the market cap of the Pump Fun token all declined recently.
- The staged jet incident took place in a rented studio set, not a real jet, and cost $34.99 an hour to book.
- Pump Fun has spent over $114 million buying back its token as its price fell since launch.
- Other stunts by streamers included setting themselves on fire, promoting tokens at the Hollywood sign, and displaying a Trump statue with a Bitcoin symbol.
A group of online streamers rented a private jet studio set to film a staged crash as part of an attempt to promote the memecoin platform Pump Fun. This incident happened as figures show declining trading activity, fewer new tokens, and lower revenue on the platform.
Reports show that the streamers, including SolJakey, Never Goon, MiniKon, and OG Shoots, rented the “Olympic 4” private jet set from the LA-based FD Photo Studio for $34.99 per hour. Video clips from the stunt attracted attention on social media, with many online users quickly pointing out that the jet was not real and identifying the set location.
According to data from Dune analytics, the number of new tokens created on Pump Fun dropped from 30,000 daily in mid-September to under 20,000 this week. The percentage of these tokens that “graduate”, or succeed by a platform measure, also declined to just 0.53%. At the same time, daily revenue for the platform fell from $2.4 million to less than $1 million.
The platform’s trading volume decreased, with Token Terminal recording a decline from $263 million in mid-September to under $100 million this week. The market cap of Pump Fun‘s token fell 41% in twelve days, dropping from a peak of $3 billion to about $1.8 billion, according to CoinGecko.
Despite these setbacks, streamer activity on Pump Fun has increased, with participants performing a range of stunts to draw attention. Some have set themselves on fire or promoted token launches at notable locations, such as the Hollywood sign or in front of golden statues of Donald Trump holding the bitcoin symbol (related coverage).
Since launching its token on July 12, Pump Fun has spent more than $114 million repurchasing the token in an effort to stabilize its price. The platform also offers a creator reward system, which allocates profits from successful tokens back to their creators.
The LA-based photo studio, FD Photo Studio, lists various themed sets for rent, including the widely used “Olympic 4” private jet set (more info).
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