Pump.fun Livestream Tokens: Hype, Risk, and Onchain Reality

In recent weeks, livestream launches on Pump.fun have emerged as a prominent experiment in the Solana ecosystem. Supporters see this as a natural evolution for creator monetization, while critics argue it is unsustainable and even destined to fail.

The critics raise three main concerns. First, the relationship between streamers and their audiences has shifted. On Pump.fun, participants are no longer simply fans but are investors, with financial risk tied directly to the streamer’s brand. Second, the tokens themselves are fragile. Many are highly volatile, and their sustainability is questionable, leaving them open to manipulation by speculators or larger players. Third, the overall appeal of the format appears limited, with oversight challenges that could discourage long-term growth.

Supporters, however, paint a different picture. They argue that streamers are pioneering a new frontier in the creator economy. Some creators have already begun migrating from platforms like Twitch to Pump.fun, experimenting with tokenized engagement as a novel way to monetize communities. But amid the debate, the key question remains: are streamers and their communities actually succeeding onchain?

Measuring Streamer Earnings

To answer this, we analyzed coins launched by streamers on Pump.fun with a market capitalization above $400K at the time of writing. This dataset included more than 100 streamers and revealed striking patterns.

According to Dune data, streamers have collectively earned over 19,600 $SOL in Creator Fees from launching and trading their tokens on Pump.fun. At today’s prices, that equals more than $4.7M. But the revenue distribution is highly uneven.

• More than 40.8% of streamers earned less than 10 $SOL, with the average in this group under 1 $SOL.

• Over 30% of streamers earned between 100 and 500 $SOL, averaging 254 $SOL (roughly $60K).

• 18.4% of streamers earned between 10 and 100 $SOL.

• Just five streamers exceeded 1,000 $SOL in earnings.

A striking case is streamer Alex Becker, who earned 1,623 $SOL from a token launched only four days earlier. That coin reached a peak market cap of $18.9M, though it has since dropped to $4.6M.

Market Caps and Token Distribution

Examining the distribution of token market caps highlights further insights. The majority fall into the $500K to $2M range, with more than 50 tokens in this bracket. Only 11 coins managed to cross the $5M threshold.

Yet the bigger challenge for communities is sustainability. Under Pump.fun’s Project Ascend model, the higher a token’s market cap grows the lower the creator earnings become, which incentivizes streamers to keep market caps lower but drive more trading activity for fees. As a result, many tokens sit far below their all-time highs:

• 20% have dropped more than 90% from peak levels.

• 34% are down between 70% and 90%.

• 23% have declined between 50% and 70%.

Trading Activity on the Rise

While price performance looks bleak, trading activity tells a more dynamic story. Over the last 30 days, streamer-launched tokens have seen more than $1.6B in trading volume across 6.4M transactions.

On average, daily trading volume is under $50M. But in the past week, activity surged: daily trading volume climbed as high as $320M, with more than 779K transactions in a single day. Whether this spike represents a lasting trend or a temporary burst remains uncertain.

Signs of Decline

Despite these bursts of activity, not all tokens remain relevant. About 24% of streamer-launched coins with a market cap above $400K have shown little activity in recent weeks, recording fewer than 1,000 trades over the past two weeks. This suggests many projects are already reaching the end of their lifecycle.

The Bigger Picture

Pump.fun’s livestream tokens highlight both the potential and the pitfalls of merging streaming culture with onchain experimentation. On one hand, the earnings of top streamers demonstrate that tokenized engagement can create significant revenue streams. On the other hand, the majority of tokens face steep declines, short lifespans, and fragile communities.

The uneven distribution of success suggests that only a handful of streamers are likely to thrive in this model. For most, the risks of volatility, manipulation, and declining user interest remain high. As with many experiments in crypto, the model may evolve or fade quickly.

Stay tuned for further insights into how these platforms evolve and shape the future of DeFi trading on Solana.
This piece is part of our Solana Data Insights series. Make sure to subscribe to Solana Data Insights for weekly onchain analysis.

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