pump.fun has unveiled plans to launch a token in the near future, after consistently recording massive revenues thanks to the memecoin craze on Solana.
pump.fun is valued at $1.5 billion. Image: CCN
According to CoinTelegraph, the private capital trading platform SecondLane has recently posted the valuation of the memecoin platform pump.fun at $1.5 billion.
Specifically, SecondLane said there is an investor offering to sell 1% of the ownership in pump.fun for $15 million. Pump.fun has only conducted a Seed funding round with the participation of Alliance DAO, Big Brain Holdings, and 6th Man Ventures, but the amount raised and the valuation are unclear.
The offer to sell ownership in pump.fun on SecondLive. Image: CoinTelegraph
As reported by Coin68, pump.fun has revealed information about plans to issue its own token in the near future, with the goal of "rewarding real users". pump.fun stated that it will reinvest the profits earned so far to grow the platform and "build it to be as big as Binance".
Thanks to the memecoin investment craze on Solana throughout 2024, pump.fun has emerged as one of the projects that has generated the most transaction fees in the cryptocurrency industry. Data from Dune Analytics shows that pump.fun's total revenue from fees since April has exceeded $258 million, with over $100 million added just in November.
Revenue statistics of pump.fun. Source: @adam_tehc on Dune Analytics as of the morning of 29/10/2024
Statistics from DefiLlama show that in this November, pump.fun's 24-hour fee revenue is regularly in the range of $2-5 million per day. If it maintains its current performance over the next year, the project will have annual revenue of over $1 billion.
Statistics on daily transaction fee revenue of pump.fun. Source: DefiLlama (29/11/2024)
However, pump.fun has also caused a lot of controversy during its operation, from advocating the pump-dump memecoin phenomenon, to tolerating improper behaviors on its platform when not moderating user-shared content.
In response to the community's fierce reaction, pump.fun on November 26 announced the indefinite disabling of the livestream feature after a wave of user videos using all kinds of "tactics" to attract attention and drive up memecoin prices.
Another statistic also shows that trading activity on pump.fun is not as "rosy" as many people think, as the majority of investors either lost money or made profits less than holding major coins like SOL or ETH, while the number of people who truly "got rich" is very low.
50% OF TRADERS ON PUMPFUN LOST MONEY IN NOVEMBER!
— Kermit 🐸 (@crypto__kermit) November 27, 2024
The majority of traders (22%) lost somewhere between $0-$100.
18% of people made less than $100 in profit.
This means that only 32% of memecoin traders made more than $100 in profit this month.
From those:
• 14% made more… pic.twitter.com/KbtKggt6Uq
The on-chain data analytics platform Lookonchain reported that on the morning of November 29, pump.fun transferred an additional 15.23 million USD in SOL to the Kraken exchange, with a total of 154 million USD transferred to the exchange so far.
Pump fun deposited 65,000 $SOL($15.23M) to #Kraken again 9 hours ago.
— Lookonchain (@lookonchain) November 29, 2024
So far, #Pumpfun has deposited 798,869 $SOL($154M) to #Kraken and sold 264,373 $SOL for 41.64M $USDC.
#Pumpfun has earned a total of 1,526,937 $SOL($362M).https://t.co/eO2OHLWL0c pic.twitter.com/KE4j4PYGXs
However, an anonymous member of the pump.fun team recently "turned their back" on Lookonchain, arguing that the statement about the project selling SOL was untrue, as depositing funds to an exchange does not necessarily mean intending to sell those assets.
you're spreading misinformation.
— alon (@a1lon9) November 26, 2024
did you know that you can send assets to an exchange without intending to sell those assets?
Compiled by Coin68
Join the discussion on the hottest DeFi issues in the Fomo Sapiens chat group with the Coin68 admins!!!
