Pump.fun is finally launching its token.

On July 12 at 22:00, Pump.fun will initiate the public sale of the PUMP token. Out of a total supply of 1 trillion tokens, 150 billion will be sold at a price of 0.004 USDT, aiming to raise 600 million dollars at a valuation of 4 billion dollars. Additionally, the project team plans to sell tokens worth 700 million dollars to institutions through private placements.

These figures have appeared on social media before, but when presented as an official announcement, they still seem somewhat absurd. A Memecoin Launchpad aiming to sell 600 million dollars' worth of tokens in the summer of 2025, a time of low liquidity, cooling narratives, and a tense community. This is the most anticipated token issuance in the Meme sector this year and could mark a significant event in the Meme ecosystem's transition into the "post-golden dog era."

Criticism of "too greedy" and "harvesting the last liquidity" has long been heard. But before we truly ask "is it worth it," we must first acknowledge one thing: the entire Meme narrative over the past year has relied on Pump.fun's efforts alone.

Is the precise Meme printing machine worth 4 billion dollars?

Pump.fun is undoubtedly a "printing machine."

According to DefiLlama data, Pump.fun has generated over 30 million dollars in revenue in the past 30 days, with an annual revenue of 370 million dollars and a historical cumulative revenue exceeding 700 million dollars. It has become the core of traffic in the Solana ecosystem and is even one of the most profitable protocols in the entire Web3 space.

However, Pump.fun brings more than just numerical shock; it has restructured the production and dissemination logic of Memecoins, transforming them from an accidental, manual, and marginal cultural product into a standardized, procedural, and scalable content commodity. On Pump.fun's website, anyone can launch a token with just one click, without censorship or approval, for just a few dollars in fees.

Launching immediately, spreading immediately, and engaging in games immediately—this is an almost industrialized Meme model and a new attention economy.

At that time, the most eye-catching news in the Solana community shifted from which DePIN completed financing to the emergence of a thousand-fold golden dog born on Pump.fun.

Pump.fun does not tell its own story but provides the "narrative" fishing rod, allowing anyone to tell stories, hype stories, and monetize through stories. Moreover, it has directly pushed Memecoins to the center of the industry's narrative, becoming the main line of the Web3 attention market.

The biggest controversy surrounding this token launch is the 4 billion dollar platform valuation set by Pump.fun.

This figure is not unfounded. Pump.fun's historical cumulative revenue ranks among the top in all Web3 applications, second only to infrastructure-level projects like Tether and PancakeSwap. The price-to-sales ratio (PS) calculated based on the past year's revenue is 10.8 times—while this is higher than traditional SaaS companies (which generally range from 5 to 10 times), it is not considered overvalued in the high-growth, high-profit Web3 industry.

Related reading: "Is pump.fun worth 4 billion dollars now?"

The problem is that this revenue is highly dependent on the overall heat of the Meme sector. In November last year and January this year, when market sentiment was high, Pump.fun's "graduation rate" once exceeded 1.6%, and the platform's daily revenue frequently topped 10 million dollars, making it a true industry printing machine. However, as the market cooled, the number of token launches, active trading volume, and user participation all saw significant declines, with enthusiasm sharply reduced and momentum lost.

External doubts do not deny Pump.fun's past highlights but question whether it can still support a 4 billion dollar valuation in the current market downturn.

From casino to media, Pump.fun's "self-rescue transformation" has not succeeded.

In the face of simultaneous declines in liquidity and enthusiasm, Pump.fun is attempting to shift from a "launch factory" positioning to a more narrative and content-driven entertainment platform. This transformation is unfolding through "live streaming" and "influencer creation."

At the end of May this year, Pump.fun launched a 1 million dollar streamer incentive program to support native content creators in live streaming on its platform. Among them, Israeli Gainzy is seen by the community as a representative figure of this live streaming transformation. This streamer, who gained fame for cursing Vitalik during a live stream, has become Pump.fun's most popular ecological IP. His live streaming token $GAINZY once surpassed a market value of 10 million dollars, rising and falling with live streaming traffic and sentiment before and after each broadcast. Gainzy's streams even attracted founders from leading Web3 projects like Yuga Labs and Pudgy Penguins to watch and interact.

In contrast to traditional Memes relying on community users to spread on X, Pump.fun is creating content streamers as traffic nodes, keeping heat and attention within its ecosystem.

At the same time, some seemingly nonsensical tokens have been given clearer "identity recognition" narratives. For example, $NEET shapes a group image of "no work, no education, no training" through nihilism, resonating with Gen Z's era anxiety; $CHILLHOUSE sparked viral imitation in multiple live streams with the nonsensical question "Thoughts on chillhouse?"

From "pump" to "narrative," from "pleasure" to "resonance," Pump.fun is attempting to extend the lifespan of memes—it is no longer just a PvP profit platform but also seeks to become a subcultural stage for young people to express themselves and find a sense of belonging.

However, while Pump.fun strives to tell new stories, external competitive pressures are becoming increasingly severe. LetsBonk.fun, leveraging Bonk's community status and its close ties with Raydium and the Solana Foundation, along with the wealth effect of leading tokens like $USELESS, has launched an attack on Pump.fun's leading position.

According to on-chain data, as of July 7, LetsBonk.fun has surpassed Pump.fun in several key metrics:

Market share: LetsBonk has reached 55.22%, while Pump.fun has dropped to 34.86%;

Protocol revenue in the last 24 hours: LetsBonk generated 1.04 million dollars, surpassing Pump.fun for the first time;

The number of launched tokens and user activity also significantly lead Pump.fun.

This overtaking is not accidental. Compared to Pump.fun's long-standing high commission and high centralization mechanism, LetsBonk has chosen a completely different route: 50% of the platform fees will be used for the repurchase and destruction of BONK tokens, and another 8% will be allocated for strategic reserves and community incentives. In terms of revenue structure, it clearly binds the interests of users and developers, making every creator a beneficiary of the platform's growth.

Related reading: "What has LetsBonk done recently to fully suppress Pump.fun?"

More critically, LetsBonk's founder Tom has been "intensively online" maintaining community reputation, frequently fixing bugs and optimizing the interface since June, and actively using Chinese characters like "你好" in the Chinese community, demonstrating a clear "localization affinity." This rare founder posture in the Solana ecosystem has greatly enhanced community stickiness.

As a result, more and more users are "voting with their feet," shifting their attention and funds to the Bonk ecosystem even before Pump.fun officially launches its token. The rapid rise in the market value of $BONK also serves as a market-side confirmation of this trend.

You may dislike Pump.fun, but Memecoins are not dead yet.

4 billion dollars is the price Pump.fun has set for the market. This price may be too high or perhaps underestimates its potential as a "narrative factory." But no matter how you judge it, it has been the most important attention aggregator in this industry.

It is not the end of Memes, nor is it a savior. It is merely a node in the grassroots cultural wave of Web3—imperfect, unethical, and even somewhat greedy, but it has indeed propelled the story forward.

Who will be the next Pump.fun? No one knows. But we know that the story will continue. Because there will always be someone wanting to launch a token, someone wanting to get rich, and someone wanting to change their fate.

And that is the power of Memecoins.

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