At 4 AM today, pump.fun co-founder @a1lon9 participated in a live audio interview on the Twitch channel of crypto KOL @notthreadguy.

Before the live broadcast, some in the English-speaking community joked that this was the "FOMC" of the crypto world. As a result, the live stream indeed had a profound impact on the coin price, with $PUMP dropping nearly 15% during the broadcast and a daily decline of almost 20%, briefly falling below a $3 billion market cap.

For pump.fun, Alon's interview was undoubtedly a public relations disaster.

What did Alon say during the live stream?

About the $PUMP Airdrop

threadguy: Will there be another $PUMP airdrop? If so, when?

alon: As we promised during the TGE announcement, there will be an airdrop for $PUMP. We will keep our promise and ensure that the airdrop rewards the community that has helped us grow over the past year and a half. We hope the airdrop can be executed well, driving trading volume for the entire ecosystem and ensuring its long-term development, which is very important to us. We are currently focused on bringing attention and hype back to pump.fun. However, the airdrop will not happen in the immediate future.

There are many rumors about the $PUMP airdrop, such as the standards for the airdrop and the nature of the airdrop activities, but I think there are currently no more than 5 people on Earth who truly know how the $PUMP airdrop is planned. Therefore, all the rumors you see are not credible. We take the airdrop very seriously and want to ensure it is worthy of the community.

threadguy: What percentage of $PUMP will be used for the airdrop?

alon: I cannot disclose that right now, but it will be worthy of the community.

threadguy: How will you address the selling pressure after the airdrop?

alon: I cannot reveal any specific mechanisms at this time, but we will consider it seriously.

About the $PUMP Buyback

threadguy: Will you continue to buy back $PUMP from the open market?

alon: I cannot fully disclose specific plans, but our on-chain actions will answer this question.

threadguy: Can you disclose how much $PUMP you have bought back since the TGE?

alon: Initially, we bought back about $20 million worth of $PUMP, and in the past 4 days, it has been around $550,000. (threadguy responded with "You have a lot of money!" twice after hearing about the $550,000 in the past 4 days.)

About Competition from Bonk

threadguy: Why do you think Bonk was able to surpass pump.fun in trading volume and market share in such a short time?

alon: There are certainly many short-term speculations and competitive strategies involved, but we always focus on the long term. I mean, in the past few months, there have been no substantial changes in the products people are using, and the market has not seen significant growth. To grow this field by 10 times or even 100 times, we need some substantial changes.

While the long term is important, the short term is equally crucial for long-term development. We will inject a lot of liquidity into our ecosystem and interact with the communities we are working hard to build, ensuring these communities have the best opportunities to succeed.

threadguy: How can pump.fun regain an absolute leading position in the "launchpad wars"?

alon: In the short term, supporting the active communities within the current ecosystem is essential; it is these active communities that have brought us to where we are today. However, if we extend the timeline, in addition to ensuring the tokens launched on our platform succeed, we also need significant improvements in our products. I think everyone remembers the explosive market at the end of last year and the beginning of this year. Although cryptocurrencies are cyclical, our current slump, aside from cyclical factors, also requires transformation.

We need a better ecosystem and mechanisms that can more effectively coordinate the forces of communities, creators, and traders; we need a better way to integrate outsiders into this field; we need to ensure that memes always have new and interesting narratives rather than the same tired topics being recycled. For the first point, we have already invested a lot of time and energy to promote it. For the second point, the pump.fun mobile app was created for this purpose. For the third point, we need to continuously invest resources to attract better creators.

But let me emphasize again: focusing on the short term and allowing resources to flow back to pump.fun is essential for long-term development.

threadguy: You have been buying 1 pump.fun ecosystem meme coin daily recently. Will this strategy be effective and feasible in the long term?

alon: This is just a small step in our plan.

About the Meme Market

threadguy: Do you think the meme market will return to its previous peak?

alon: Of course, it will. If I didn't believe the market could grow 10 times or even 100 times, I wouldn't be here. The market still has a lot of upward potential; it's just a matter of time and specific actions. But I think we need more sustainable ways to attract users. While explosive growth is indeed attractive, the subsequent crash after excessive enthusiasm may drive away newcomers who were just attracted, leaving them with a bad impression.

Achieving sustainable growth will require many bold reforms.

threadguy: What specific actions will you take?

alon: First, we are not constructing a single launchpad product but a large pump.fun ecosystem, so we need an excellent team. The current team is already quite good, but we will continue to recruit talent, even strategic acquisitions like the previously announced Kolscan. We will continuously observe the market and look for opportunities to expand, whether in the social field or other areas.

Then, as I mentioned earlier, we need significant reforms, one of which will be PumpSwap 2.0. I cannot disclose too many details, but the fee structure will be completely different, aimed at incentivizing teams that can produce more interesting meme coins to join and build long-term. The CTO incentives we updated a week ago have already laid the groundwork to encourage creators to build within existing meme coin communities.

Whether they are creators, streamers, artists, or startup founders, we strive to attract them into our ecosystem. It's not just about attracting them to deploy a token and then hype it for a few days before saying goodbye; we need to incentivize them to build sustainable things. We still have a lot of work and iterations to achieve this effect.

The mobile app is very important. Although our user numbers have fluctuated recently, the number of app users and their activity levels have been hitting new highs almost every day, providing a better way for newcomers to engage with and familiarize themselves with this space.

Live streaming is also a focus for us. How can information dissemination be determined by the market rather than by algorithms controlled by social media companies? This is also part of our long-term vision.

Threadguy also asked some other questions, such as how pump.fun can avoid becoming the OpenSea of the meme coin space and whether they would sign non-crypto streamers, etc.

However, these questions are no longer critical, as the ultimate effect of this live stream was to reignite players' anger towards pump.fun, resulting in a nearly 20% drop in $PUMP.

Why is this a public relations disaster?

Perhaps Alon does not see this as a "public relations" response to recent dissatisfaction with pump.fun, but rather as a "promotion" aimed at a broader audience, which is why he chose to accept Threadguy's live interview on Twitch. However, the final effect was that even his choice to not conduct the interview on his own streaming platform became one of the outlets for players' dissatisfaction.

After the TGE, $PUMP briefly rose before starting to decline, leaving players who initially supported pump.fun speechless. Even more absurdly, Alon himself openly bought into 5 meme coins from the pump.fun ecosystem, and 4 of them are already showing losses.

When Alon first bought the pump.fun ecosystem meme coin $neet, the token briefly reached a market cap of $30 million, with a 365% one-minute surge. Everyone thought this would be a good start, especially those who supported pump.fun, believing that the platform still had the most interesting meme coin culture and that these narratives would surely improve. However, the result was that Alon did not continue to pump the price, and the emotional buying quickly exhausted itself. $neet has already returned to the market cap level when Alon bought in, and the subsequent tokens he purchased have seen diminishing effects.

This makes Alon's statement during the live stream about "injecting a lot of liquidity into the ecosystem" seem very hard to believe and ironic. It even became free advertising for competitor Bonk:

Bonk announced during the live stream that it would allocate 1% of its platform revenue to support its leading meme coins.

The news that the $PUMP airdrop would not happen in the near future reignited players' anger, with even one of the largest streamers on pump.fun, gainzy, expressing his frustrations during a live stream:

Some people make money, while others lose. Like Hyperliquid, giving loyal users six-figure or even seven-figure airdrops makes them happy and allows them to recoup losses, and they will continue trading on Hyperliquid. Especially with Bitcoin hitting an all-time high, everyone needs more money; even if the airdrop is smaller, it’s better than dragging it out. If it turns out that the airdrop is not satisfactory, pump.fun will face even greater pressure and a more difficult situation.

Who in the "trenches" cares about streamers and creators? It’s the "trenches" that have made pump.fun a lot of money; you need to make these people rich. This is not a difficult concept to understand.

Additionally, Alon's responses throughout the interview were filled with "I cannot disclose this" and "I cannot disclose that," which, when combined with the players' nearly vanished trust in pump.fun, created a deeper sense of distrust—are you really unable to disclose, or have you become indifferent after receiving $1 billion?

Conclusion

If Alon's determination expressed during the live stream can still be validated over time, one thing that cannot wait any longer is that pump.fun, with its $1 billion, truly needs a better public relations team.

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