The Solana (SOL)-based memecoin launch platform Pump.fun is reportedly preparing for a $1 billion token sale with a valuation of $4 billion.
On June 3, a community member posted on the X platform that Pump.fun will initiate its token issuance within the next two weeks and will list on multiple centralized exchanges, while allocating 10% of the tokens for airdrops to community members.
Subsequently, a report by Blockworks cited anonymous sources stating that this launch platform, known for its instant token creation feature, will raise $1 billion through the token sale. The report indicated that three sources confirmed the sale's valuation at $4 billion, intensifying related speculation.
As of now, Pump.fun has not confirmed or denied these reports on its official channels, nor has it provided any details regarding the token's utility or issuance mechanism.
Cointelegraph has reached out to Pump.fun but has not received a response as of the time of publication.
The cryptocurrency community has reacted with mixed feelings.
Cryptocurrency influencer Ansem expressed that he "can't wait" for the token and mentioned its potential to be listed on the decentralized exchange Hyperliquid for perpetual futures.
Social media figure Ash Crypto stated that Pump.fun has transformed altcoin investors into memecoin speculators. "PumpFun has ruined the crypto space," he wrote, adding that the platform has "extracted" $700 million, while most people have suffered significant losses from the tokens issued on it.
As of June 4, data aggregation platform DefiLlama shows that the Pump.fun protocol has accumulated approximately $677 million in revenue.
Cryptocurrency analyst Miles Deutscher pointed out that the potential token issuance by Pump.fun has its pros and cons. He stated that for tech-savvy users, it presents a good opportunity to make money. However, Deutscher also emphasized that this token issuance is more harmful than beneficial for the entire crypto ecosystem: "Most people do not research deeply. They simply buy and hold, thus experiencing the indirect negative effects brought by Pump Fun."
DefiLlama developer 0xngmi questioned this round of potential financing. The pseudonymous developer asked how the platform plans to utilize the nearly $700 million in unused funds it already possesses. "What do they plan to do with this $1 billion?" the developer inquired.
The emergence of this rumor coincides with a significant decline in Pump.fun's monthly revenue. According to DefiLlama data, the platform generated $46.6 million in revenue in May, a 66% drop from $137 million in January.
These rumors also arise against the backdrop of an overall slowdown in the memecoin sector. Traders have been questioning the long-term viability of memecoins, as the value of such tokens has experienced a sharp decline. CoinMarketCap data shows that the total market capitalization of memecoin-based tokens had fallen to $64 billion by June 4, down over 54% from $137 billion in December of last year.
Related: Corporate Bitcoin reserves account for over 3% of total BTC supply
Original article: “Pump.fun Token Rumors Emerge as Protocol Revenue Drops 71%”
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