Solana-based memecoin generator Pump.fun raising $1 billion via token sale: report
Quick Take
- Pump.fun, the memecoin generator that revitalized the Solana ecosystem, plans to raise $1 billion through a token sale at a $4 billion valuation, according to Blockworks.
- The token will reportedly be offered to public and private investors, though it is unclear when or where the token launch will occur.
Pump.fun, the memecoin generator that revitalized the Solana ecosystem, plans to raise $1 billion through a token sale at a $4 billion valuation, according to a Tuesday Blockworks report citing unnamed sources.
The token will reportedly be offered to public and private investors. It is unclear when or where the token launch will occur. The Block has reached out to Pump.fun representatives for confirmation.
Pump.fun, launched in early 2024, has been a breakout success. The platform enables anyone to quickly and easily deploy a token — and is now responsible for the majority of memecoin launches and trading on Solana, driving significant revenue to the network.
The platform’s daily revenue peaked at over $7 million on Jan. 23, though it has since decreased to around $1 million per day, according to The Block data.
The platform was designed with a bonding curve that adjusts token prices based on supply and demand.
Initially, once a token launched on Pump reached a market cap of $69,000, it "graduated" to the decentralized trading platform Raydium. However, Pump.fun made waves when it launched a bespoke automated market maker, called PumpSwap, which Raydium responded to by launching a rival memecoin generator, LaunchLab.
Pump.fun also recently re-launched its controversial live-streaming feature that was suspended following a series of content moderation complaints.
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