Outside Source
The private market platform says $15 million in Pump.fun equity is for sale.
News
SecondLane has listed an equity interest 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 the 1% equity stake in Pump.fun for $15 million on SecondLane’s web app and on a Telegram channel where SecondLane announces new offerings.
The popular Solana (SOL) memecoin platform has not yet launched a native token. It has previously taken equity investments from Alliance DAO, Big Brain Holdings, and 6th Man Ventures, according to data from Pitchbook.
Source: SecondLane
Related: Pump.fun teases future token and reveals new trading terminal
In October, the team behind Pump.fun tipped plans for a future token release and a newly upgraded trading terminal, dubbed “Pump Advance.” No specific timeline for the future token launch was given by the Pump team.
According to DefiLlama, Pump.fun was the eighth highest-earning blockchain protocol, ranking just below giants such as Circle, USD Coin’s (USDC) issuer, and Uniswap, the decentralized exchange (DEX). In the past 30 days, Pump.fun generated $86 million in fee revenue.
Source: CoinGecko
Pump.fun’s performance comes from a memecoin trading frenzy that has largely taken place on Pump.fun’s native Solana, a layer-1 blockchain. Its cumulative fee revenues exceed $225 million, according to DefiLlama.
Fuelled by venture capital funding and political speculation, memecoins now command upward of $122 billion in market capitalization, according to CoinGecko.
Pump.fun promises to let users “launch a coin that is instantly tradeable for under $2 in one click,” and its “For You algorithm uses your past actions on pump dot fun to curate a feed that changes in real-time,” according to the platform’s X account.
Data from Dune Analytics revealed roughly 98% of prospective memecoins on the Pump.fun platform never successfully launch.
Memecoins have drawn mixed reactions from the crypto community. Some influencers, like Murad Mahmudov, argue that memecoins provide a legitimate use case for crypto by removing the speculation premium from altcoins.
Others, such as Jimmy Song, believe that memecoins are a net negative for investors and represent the height of speculative gambling.
Magazine: 1 in 6 new Base memecoins are scams, 91% have vulnerabilities
This article first appeared at Cointelegraph.com News
