Author: Alex O’Donnell, CoinTelegraph; Translated by: Baishui, Golden Finance
SecondLane has listed a stake in memecoin protocol Pump.fun at a fully diluted valuation (FDV) of $1.5 billion, according to its platform.
The private markets trading platform listed a 1% stake in Pump.fun for $15 million on SecondLane’s web app and on SecondLane’s Telegram channel, where new products are announced.
The Solana memecoin platform, which has yet to launch a native token, has previously received equity investments from Alliance DAO, Big Brain Holdings and 6th Man Ventures, according to Pitchbook data.
Source: SecondLane
In October, the team behind Pump.fun revealed plans for future token issuance and a newly upgraded trading terminal, called “Pump Advance.” The Pump team did not give a specific timeline for future token issuance.
According to DefiLlama, Pump.fun is the eighth-highest blockchain protocol by revenue, ranking just below giants like USD Coin issuer Circle and decentralized exchange (DEX) Uniswap. In the past 30 days, Pump.fun generated $86 million in fee revenue.
Source: CoinGecko
Pump.fun’s performance came amid a memecoin trading frenzy that primarily took place on Pump.fun’s native Solana (a Layer 1 blockchain). According to DefiLlama, its cumulative fee revenue exceeded $225 million.
Fueled by venture capital funding and political speculation, memecoin’s market capitalization now exceeds $122 billion, according to CoinGecko.
Pump.fun promises to let users “launch a token that can be traded instantly for less than $2 with just one click,” with its “For You algorithm using your past actions on Pump dot fun to curate a feed that changes in real time.”
Data from Dune Analytics shows that approximately 98% of potential meme coins on the Pump.fun platform are never successfully launched.
Memecoin has drawn mixed reactions from the crypto community. Some influencers such as Murad Mahmudov believe that Memecoin provides a legitimate use case for cryptocurrencies by eliminating the speculative premium of altcoins.
Others, like Jimmy Song, believe that meme coins are a net negative for investors and represent the height of speculative gambling.