Pump Fun streamers bait users with fake jet crash
Pump Fun streamers have resorted to cringeworthy private jet stunts as trading volume, tokens launched, revenue, and the market cap of the memecoin platform’s own token have fallen across the board.
Specifically, a group of Pump Fun streamers filmed themselves in a rented private jet mock-up and staged a crash.
The clips baited a host of X users into pointing out that it was fake, not understanding that this was likely the streamer’s intention from the beginning.
Read more: Gaza coins, fireworks, and pornstars: Pump Fun livestreams are back
If it wasn’t already obvious from looking at how the crash was staged, the “jet’s” shoddy flooring or the fact that they shared the set’s exterior, should have given the game away.
Users quickly pointed out that the fake jet belongs to the LA-based FD Photo Studio.
The studio company offers various sets and backdrops for hire. In this case, streamers SolJakey, Never Goon, MiniKon, and OG Shoots, among others, chose the “Olympic 4” private jet that’s bookable for $34.99 an hour.
All this jet malarkey appears to be just another desperate attempt to promote Pump Fun with the memecoin platform struggling to maintain altitude.
Read more: Crypto party on plane sparks Qatar Airways safety concerns
Indeed, the market cap of its token has fallen 41% over 12 days from an all-time high of $3 billion to almost $1.8 billion.
Data from Dune analytics @Adam_tehc show the number of daily tokens dropping from 30,000 in mid-September to below 20,000 this past week. The percentage of tokens “graduating” has also dropped to 0.53%.
Meanwhile, daily revenue dropped from a high of $2.4 million in mid-September to below $1 million on Wednesday.
Token Terminal recorded daily trading volume falling from $263 million in mid-September to below $100 million this week.
This is despite a sudden influx of streamers appearing on Pump Fun and promoting the platform with crazy stunts.
Streamers have set themselves on fire, promoted tokens in front of the Hollywood sign, and erected golden statues of Donald Trump holding the bitcoin symbol.
The platform launched its token on July 12 and has spent over $114 million buying it back to help mitigate its falling price. It also introduced a creator reward system that allocates funds from a token’s success to the token creator.
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