Pump.fun Coin Issuance, Is the Meme Track a Turning Point or Endgame?

Pump.fun is finally launching its token.

On July 12 at 22:00 UTC, Pump.fun will kick off the PUMP token public sale. Out of a total token supply of 1 trillion, 150 billion tokens will be up for sale at a price of 0.004 USDT per token, targeting a $6 billion raise at a $40 billion valuation. Additionally, the project plans to sell $700 million worth of tokens to institutions through a private sale.

These numbers are not new to social media, but seeing them presented in an official announcement still feels somewhat absurd. A Memecoin Launchpad selling $6 billion worth of tokens in the summer of 2025—a time of low liquidity, cooling narratives, and a tense community atmosphere. This token sale is the most anticipated one on the Meme track this year and could possibly mark a milestone in the Meme ecosystem's transition to the "post-Moonshot" era.

Critiques like "too greedy" and "harvesting the last liquidity" have been heard repeatedly. 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.

A Precision Meme Printing Press Worth $40 Billion?

Pump.fun is undoubtedly a "printing press" par excellence.

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

But Pump.fun has brought more than just numerical shock; it has restructured the way Memecoins are produced and propagated, transforming them from an accidental, manual, niche cultural product into a standardized, procedural, and scalable content commodity. On Pump.fun's website, anyone can mint a coin with just a few dollars in fees, without review or approval, in one seamless process.

List on launch, spread on listing, game on spread—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 had completed funding to the overnight creation of a thousandfold "Moonshot" on Pump.fun.

Pump.fun did not tell its own story but imparted the art of "narrative" to others, allowing anyone to tell a story, hype a story, and monetize through storytelling. Moreover, it directly placed Memecoin at the center of the entire industry narrative, becoming the main storyline of the Web3 attention market.

The biggest controversy surrounding this coin offering is Pump.fun's self-assessed $4 billion platform valuation.

This number is not baseless. Pump.fun's historical cumulative revenue has consistently ranked at the top among all Web3 applications, second only to foundational projects such as Tether, PancakeSwap, and others. Calculated based on the past year's revenue, the Price-to-Sales (PS) ratio stands at 10.8x—purely from a financial perspective, although higher than traditional SaaS enterprises (usually between 5-10x), it is not considered overvalued in the high-growth, high-profit Web3 industry.

Related Reading: "Is pump.fun Now Worth $4 Billion?"

However, the issue lies in the fact that this revenue is highly reliant on the overall popularity of the Meme sector. In November last year and January this year, during a market sentiment surge, Pump.fun's platform "graduation rate" once exceeded 1.6%, with daily revenues often surpassing tens of millions of dollars, making it an industry cash cow. However, as the market sentiment cooled down, the token launch count, active trading volume, and user engagement all experienced significant declines, resulting in a sharp drop in popularity and momentum.

External skepticism is not about negating Pump.fun's past glory but rather questioning whether, in the current market downturn, it can still support a $4 billion valuation.

From Casino to Media, Pump.fun's "Self-Rescue Transformation" Falls Short

Facing a simultaneous decline in liquidity and popularity, Pump.fun is attempting to pivot from its "launchpad" position to become a more narrative and content-focused entertainment platform. This transformation is unfolding through live streaming and influencer content creation.

In late May of this year, Pump.fun introduced a $1 million anchor incentive plan to support native content creators in live streaming on its platform. Among them, Gainzy from Israel is seen by the community as the representative figure of this round of live streaming transformation. This streamer, who became popular for swearing at Vitalik during a live stream, has become Pump.fun's most traffic-heavy ecosystem IP. The native live coin $GAINZY under his name once surpassed a market cap of tens of millions of dollars, experiencing fluctuations influenced by live streaming traffic and emotions before and after each stream. Gainzy's live streams even attracted founders of top Web3 projects such as Yuga Labs, Pudgy Penguins, who watched and interacted with him during the stream.

Compared to traditional memes relying on community users to spread them on X, Pump.fun is now building a network of content creators as traffic nodes to keep the popularity and attention within its own ecosystem.

At the same time, some seemingly nonsensical tokens have also been given a more defined "identity" narrative. For example, $NEET, leveraging a nihilism-shaped image of a group characterized by "no job, no education, no training," has tapped into Gen Z's era of anxiety; $CHILLHOUSE has sparked viral imitations across multiple live streams with its nonsensical question "Thoughts on chillhouse?"

From "price pumping" to "narratives," from "cool factor" to "resonance," Pump.fun is attempting to extend the lifespan of memes—it is no longer just a PvP money-making platform but also aims to become a subcultural stage for young people to express themselves and find a sense of belonging.

However, as Pump.fun strives to tell new stories, external competitive pressure is becoming more intense. LetsBonk.fun, leveraging Bonk's community status, close ties with Raydium and the Solana Foundation, as well as the wealth effect of flagship tokens like $USELESS, is challenging Pump.fun's leading position.

According to on-chain data, as of July 7th, 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%;

Near 24-hour protocol revenue: LetsBonk is at $1.04 million, surpassing Pump.fun for the first time;

The token launch quantity and user activity are also significantly ahead of Pump.fun.

This overtaking was not by chance. Compared to Pump.fun's long-term high fees and high centralization mechanism, LetsBonk has chosen a completely different path: 50% of platform fees will be used for BONK token buyback and burn, with an additional 8% allocated to strategic reserves and community incentives. In terms of revenue structure, it explicitly ties the interests of users and developers, making every creator a beneficiary of platform growth.

Related Read: "To Fully Suppress Pump.fun, What Has LetsBonk Done Recently?"

More importantly, LetsBonk founder Tom, known for his "high-intensity online" presence, has been actively maintaining community reputation, frequently fixing bugs and optimizing the interface since June. He has also been using Chinese characters such as "你好" in the Chinese community, demonstrating a clear "localization affinity." This rare founder stance in the Solana ecosystem has greatly enhanced community stickiness.

As a result, an increasing number of users have "voted with their feet," shifting their attention and funds to the Bonk ecosystem even before Pump.fun's official launch. The rapid increase in $BONK's market value has also served as a market-side confirmation of this trend.

You Might Hate Pump.fun, but Memecoin Won't Die

40 billion dollars is the price Pump.fun set for the market. This price may be too high or may still underestimate 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 the Meme, nor is it a savior. It is just a node in the Web3 grassroots cultural wave—not perfect, not moral, even a bit greedy, but it has indeed propelled the story forward.

Who is the next Pump.fun? No one knows. But we do know that the story will continue. Because there will always be people who want to launch coins, people who want to get rich, people who want to change their destiny.

And that is the power of Memecoin.

Welcome to join the official BlockBeats community:

Telegram Subscription Group: https://t.me/theblockbeats

Telegram Discussion Group: https://t.me/BlockBeats_App

Official Twitter Account: https://twitter.com/BlockBeatsAsia