Pump.fun Eyes $4B Token Launch—Because What’s Crypto Without a Little FDV Theater?

Memecoin factory Pump.fun is reportedly plotting a token launch with a fully diluted valuation that’d make even 2021 bull run veterans blush—$4 billion on paper, with $1 billion up for grabs in the initial sale.

Because nothing says ’sustainable ecosystem’ like slapping a unicorn valuation on a platform best known for turning degenerate tweets into instant shitcoins. The move follows the playbook of every crypto project that’s ever ’disrupted’ finance: promise the moon, deliver a speculative asset, and let bagholders argue about utility later.

If history’s any guide, the only thing getting pumped here will be the exit liquidity.

Revenue track record and product expansion

Pump.fun allows any user to create a token on solana (SOL) instantly and at no initial cost. According to a Dune dashboard created by user adam_tehc, users have launched nearly 11 million tokens on the platform. 

When a token “graduates” from its bonding curve on Pump.fun and goes to PumpSwap for trading,. Additionally, trades on PumpSwap have a 0.3% fee, a decentralized exchange related to the launchpad. 

The platform has generated over over $732 million in fees since its launch in January 2024. Additionally, it has continued to expand its feature set despite intensifying competition in the token-launching sector.

First, it launched PumpSwap on March 22 to capture some of the trading activity that exited the launchpad and entered Raydium, another decentralized exchange on Solana. In less than two months, the platform.

On May 12, Pump.funto reward token creators. Users get 0.05% of the trading volume on Pump.fun and PumpSwap paid in SOL.

DefiLlama data attributes nearly $18 billion in volume from both platforms in May. If the program were effective throughout the entirety of last month, creators would have earned $9 million in total rewards.