SecondLane has announced an equity interest in memecoin protocol Pump.fun at a fully diluted valuation (FDV) of $1.5 billion, according to information on its platform.
The private markets trading platform listed a 1% stake in Pump.fun for $15 million on SecondLane's web app and on the Telegram channel where SecondLane announces new offerings.
The popular memecoin platform on Solana (SOL) has yet to issue its own token. It has previously received equity investments from Alliance DAO, Big Brain Holdings, and 6th Man Ventures, according to data from Pitchbook.
Source: SecondLane
In October, the team behind Pump.fun hinted at plans for a future token release and a new, upgraded trading platform, dubbed “Pump Advance.” No specific schedule for the token release was announced by the Pump team.
According to DefiLlama, Pump.fun is the eighth-highest-grossing blockchain protocol, right below big names like Circle, the issuer of USD Coin (USDC), and Uniswap, a decentralized exchange (DEX). Over the past 30 days, Pump.fun has generated $86 million in fee revenue.
Source: CoinGecko
Pump.fun's performance was driven by a memecoin trading frenzy that took place primarily on Solana, Pump.fun's Layer-1 blockchain. Total fee revenue exceeded $225 million, according to DefiLlama.
Thanks to venture funding and political speculation, memecoin now accounts for more than $122 billion in market capitalization, according to CoinGecko.
Pump.fun promises to allow users to “initiate an instantly tradable coin for under $2 in fees with just one click,” and its “tailor-made” algorithm uses past actions on pump dot fun to create a real-time changing stream of information,” according to the platform’s X account.
Data from Dune Analytics reveals that around 98% of potential memecoins on the Pump.fun platform never successfully launched.
Memecoin has received mixed reactions from the cryptocurrency community. Some influencers, like Murad Mahmudov, have argued that memecoin provides a legitimate use case for cryptocurrencies by eliminating investment fees from altcoins.
Others, such as Jimmy Song, argue that memecoin is a total loss for investors and represents the pinnacle of gambling speculation.
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