The memecoin launchpad token opened up at a $5.6 billion absolutely diluted valuation.
Solana memecoin launchpad pumpfun simply launched its extremely anticipated token, PUMP, hitting the market at a $5.6 billion valuation, and dominating the Solana ecosystem mindshare.
The token’s preliminary coin providing (ICO) opened on July 12, and crammed in simply 12 minutes, elevating $500 million and proving there was no scarcity of demand on the launch’s $4 billion valuation.
Demand to commerce the token was additionally proven within the pre-market on Hyperliquid, the place at one level the PUMP pre-market perpetual futures contract commanded the third-highest quantity on Hyperliquid perpetuals with simply 3x leverage, solely trailing BTC and ETH, that are provided at 40x and 25x leverage respectively. The token reached a peak pre-market valuation of $7.2 billion, earlier than settling to its opening worth.
The leadup to the token launch has been full of debates over the token’s valuation for its ICO, with many calling the token sale at a $4 billion valuation “extractive,” whereas others argue that it’s a honest valuation for a protocol that has generated $720 million in earnings since its inception in Q1 2024.
Pump’s profitability has slowed down in 2025 — after a blistering scorching 2024, the place it solely trailed Tether and Circle by way of income era. However the platform nonetheless boasts the seventh-highest 30-day income in all of DeFi, with $264 million in year-to-date earnings. It’s price noting that July is on monitor for the protocol’s slowest month since September 2024.
Whereas the launchpad’s whole quantity and earnings have slowed down some because the memecoin market took a success in February, the protocol has boosted its earnings by launching its personal native DEX, PumpSwap, which replaces Raydium because the default decentralized change that pumpfun-launched tokens commerce on.
With all eyes on PUMP, the protocol is dominating Solana mindshare in the mean time, in line with Messari Portals* information. Pumpfun is commanding over 26% of your entire ecosystem’s mindshare by property, adopted by the Pudgy Penguins token, PENGU, which is up 93% this week, and is taking on over 16% of Solana mindshare.
*This text is a part of a media partnership with Messari. Messari is constructing the perception layer for the cryptoeconomy – empowering builders, establishments, regulators, and the general public to make knowledgeable, assured selections.
Messari Portals a free-to-use neighborhood useful resource that mixes quantitative information with qualitative context, giving crypto communities clear, handy entry to info that helps them make higher selections. Go to our Portals and study extra at https://messari.io/portals
