🎉 [Gate 30 Million Milestone] Share Your Gate Moment & Win Exclusive Gifts!
Gate has surpassed 30M users worldwide — not just a number, but a journey we've built together.
Remember the thrill of opening your first account, or the Gate merch that’s been part of your daily life?
📸 Join the #MyGateMoment# campaign!
Share your story on Gate Square, and embrace the next 30 million together!
✅ How to Participate:
1️⃣ Post a photo or video with Gate elements
2️⃣ Add #MyGateMoment# and share your story, wishes, or thoughts
3️⃣ Share your post on Twitter (X) — top 10 views will get extra rewards!
👉
Pump.fun valued at $4 billion, Solana ecosystem MEME coin faces confidence test.
Solana ecosystem MEME coin encounters a downturn, can Pump.fun issue coin go against the trend?
Recently, it was reported that Pump.fun plans to raise $1 billion through a token sale, with a valuation of up to $4 billion. This news has once again attracted market attention, but it has also raised concerns about the liquidity of the Solana ecosystem and market confidence.
Pump.fun: On-chain "money printing machine" encounters a chill
According to data, the cumulative revenue of the Pump.fun platform has exceeded 730 million USD, with a single-day revenue peak approaching 15 million USD. However, since February 2025, the platform's revenue growth has significantly slowed down, and its daily revenue is currently stable in the range of several million USD.
In terms of trading volume, Pump.fun set a historical record of $3.3 billion in a single week at the end of 2024, but has struggled to return to its peak since then. The daily average number of tokens created has also dropped from a peak of 70,000 to around 30,000 now, reflecting a cooling enthusiasm among users.
It is worth noting that among the vast number of MEME coins, there are very few projects with a certain market capitalization. Currently, only 14 tokens have a market value exceeding 50 million USD, 259 tokens have a market value between 1 million and 50 million USD, and the remaining approximately 14,000 tokens are in the micro-cap stage. This indicates that most tokens lack the ability to attract external funding.
At the user level, Pump.fun is facing a new traffic cliff, with old users struggling to sustain the situation. The platform's activity mainly relies on the reuse of old users, while the contribution of new users has significantly declined. Even more concerning is that only 3.6% of users have achieved substantial profits exceeding $500, while the loss rate is as high as 52.5%.
Controversy Arises from High Valuations, Risk Aversion Heats Up
The $4 billion valuation of Pump.fun has sparked market controversy. Some believe this could herald a final wave of frenzy similar to that during the issuance of APE coin. In fact, the flow of funds on the Solana chain has already indicated a rising risk aversion sentiment, with MEME coins collectively declining.
Research analysts have pointed out that Pump.fun's valuation is "extremely inflated," believing that its business model's monetization ability completely relies on the short-term market spotlight effect, lacking sustainable profit logic. At the same time, the business model built on the infrastructure of others also has vulnerabilities.
From a valuation perspective, Pump.fun's annualized revenue over the past 30 days is 77.98 million USD, corresponding to an FDV/annualized revenue ratio of 64, which is considered a high level. Some analysts believe that, in the long term, Pump.fun may struggle to support its current valuation, but there is still potential for an increase in the short term.
However, there are also views that the contribution of Pump.fun to the Solana ecosystem cannot be ignored. It provides a comprehensive liquidity solution from zero liquidity to AMM and then to centralized exchanges, promotes the standardization of on-chain security, and has resulted in a substantial amount of SOL being locked.
Conclusion
The coin issuance plan of Pump.fun has once again sparked heated discussions in the market, but what lies behind it is the fragility of structural market liquidity, the retreat of user participation sentiment, and the massive bubble of the MEME narrative. In the current market environment, whether Pump.fun can revive market confidence through coin issuance remains highly uncertain. Regardless, this event will become an important window for observing the direction of the Solana ecosystem and the entire crypto market.