The craze for Meme coins has never faded, and the upcoming token issuance by Pump.fun undoubtedly marks an important milestone in this track.
On July 12, Pump.fun will launch the public sale of PUMP tokens, planning to sell 150 billion tokens at a price of $0.004 USDT, with a fundraising target of $600 million.
This figure is particularly eye-catching against the backdrop of current liquidity stagnation and cooling market narratives.
The rise of Pump.fun
Pump.fun is dubbed the 'money printer', with its income exceeding $30 million in the past 30 days, annual revenue reaching $370 million, and historical cumulative revenue exceeding $700 million.
This makes it one of the most traffic-intensive core projects in the Solana ecosystem, even ranking among the top in the entire Web3 field.
Pump.fun is not just a token issuance platform; it reconstructs the production and dissemination of Meme coins, transforming them from accidental cultural products into standardized, process-driven content commodities.
At Pump.fun, anyone can easily issue tokens, and everything can be completed with a transaction fee of just a few dollars.
This almost industrialized model not only lowers the barrier to entry but also makes the spread of Meme coins faster and more extensive. Pump.fun does not actively tell stories but empowers users to narrate and hype the stories, becoming the main line in the Web3 attention market.
Controversies over value
Surrounding the $4 billion valuation of Pump.fun, there are constant doubts from the outside.
Although the price-to-sales ratio of Pump.fun is not high from a financial perspective, its income is highly dependent on the overall popularity of the Meme track.
As market sentiment has waned, the activity and user engagement on Pump.fun have also shown a noticeable decline, raising questions about its ability to maintain such a high valuation.
Attempts at self-rescue and transformation
Facing the dual challenges of liquidity and popularity, Pump.fun is attempting to transform, trying to shift from a 'launch factory' to a more narrative and content-driven entertainment platform.
By launching a streamer incentive program, Pump.fun hopes to leverage the power of content creators to attract more user attention.
The successful case of Israeli streamer Gainzy is a typical example, as the live content not only attracted a large audience but also interacted with founders of other Web3 projects, further enhancing the platform's popularity.
Intensification of competition
However, Pump.fun is not the only player in the current race.
LetsBonk.fun, with its community status and close ties to the Solana Foundation, is challenging Pump.fun.
LetsBonk has quickly attracted a large number of users through lower transaction fees and higher community engagement, gradually surpassing Pump.fun in market share.
This intensification of competition has brought greater pressure to Pump.fun.
The story of Pump.fun is not over. Whether it's the $4 billion valuation or its position in the Meme track, discussions continue to arise.
It may not be the end of the Meme phenomenon or the savior of the industry, but it is undoubtedly an important node in the grassroots cultural wave of Web3.
As new projects and stories emerge, the power of Meme coins will continue to drive the industry forward.
Who will be the next Pump.fun? Perhaps no one can provide an answer, but we know the story goes on.