Pump.fun, the Solana-based memecoin launchpad, is reportedly preparing a $1 billion token sale at a $4 billion valuation. Solana memecoins tumbled on the news though reports are still unconfirmed by the official source.
According to a June 3 report by Blockworks, Pump.fun, the memecoin launchpad based on Solana (SOL), is reportedly preparing a token sale aiming to raise up to $1 billion at a fully diluted valuation of $4 billion.
Citing sources familiar with the matter, Blockwords reported that the sale will be open to both private and public investors and could launch within the next two weeks. Details on the token’s name, ticker, and whether it will be minted on Pump.fun remain unknown.
Launched in early 2024, Pump.fun has generated over $700 million in cumulative revenue, with nearly 11 million tokens launched and a current ecosystem market cap standing at around $4.5 billion. At its height, Pump.fun saw close to 300,000 daily active wallets and 50,000 new tokens per day. Revenue peaked during this frenzy, but as interest in memecoins dropped off after January, so did the platform’s income.
In response, Pump.fun launched several initiatives to sustain growth. In February. they released a mobile app, enabling users to monitor their preferred memecoins and track their trades with ease. In March, they introduced the PumpSwap DEX, replacing its earlier reliance on Raydium for memecoin trading infrastructure. Earlier this month, they also introduced a revenue-sharing model that gives 50% of trading fees to devs.
Despite the cooldown in memecoin activity since January, Pump.fun remains one of DeFi’s top earners. In May, it generated $46.6 million in revenue—down 66% from its January peak of $137.12 million, yet still well above pre-November 2024 levels. To put it into perspective, derivatives trading behemoth Hyperliquid generated $65.5 million in May, only 28% ahead of Pump.fun, which underscores the platform’s strength despite slowdown in memecoin activity.
It’s still unclear what the Pump.fun token will be used for. For now, any assumptions about its function—whether as a fee token, governance asset, or trading pair—are purely speculative. Until more information is released, the token’s actual significance remains unclear.
That being said, SOL has declined 2% following the news, while Solana-based memecoins have experienced steeper losses: Fartcoin (FARTCOIN) fell 7% in the past 24 hours, Bonk (BONK) dropped 5%, and Popcat (POPCAT) slid 12%.
