As a seasoned researcher with over two decades of experience in the ever-evolving landscape of financial markets and blockchain technology, I find myself intrigued by the latest development surrounding Pump.fun, the memecoin protocol valued at an impressive $1.5 billion.
According to their platform, SecondLane values the equity stake they hold in the memecoin protocol Pump.fun at approximately 1.5 billion dollars when all potential shares are taken into account.
On the trading platform for private markets, SecondLane’s web application and its Telegram channel showcased a 1% share of Pump.fun, which was valued at $15 million as a new offering by SecondLane.
So far, the widely recognized Solana memecoin platform doesn’t have its own native token. Previously, it received investment in the form of equity from entities like Alliance DAO, Big Brain Holdings, and 6th Man Ventures, as indicated by data from Pitchbook.
In October, the creators of Pump.fun announced their intentions to unveil a new token and an advanced trading platform called “Pump Advance.” The Pump team did not provide a definite date for when the new token will be released.
As reported by DefiLlama, Pump.fun ranked as the eight most profitable blockchain protocol during that period, trailing behind heavyweights like Circle (USDC’s issuer) and Uniswap (the decentralized exchange). Over the past month alone, Pump.fun amassed a fee income of approximately $86 million.
The exceptional performance of Pump.fun is primarily driven by a memecoin trading craze, largely occurring within the platform’s own Solana ecosystem, a fundamental blockchain layer. As per DefiLlama, its total fee income has surpassed a staggering $225 million.
Thanks to investments from venture capital and speculation on the political scene, these meme-based cryptocurrencies have amassed a staggering market value of over $122 billion, as reported by CoinGecko.
At Pump.fun, users can quickly and easily release a coin with a trading value under $2 with just one click. Additionally, the “For You” algorithm on the platform tailors your feed based on your past interactions with pump.fun, updating it in real-time according to the information provided by their X account.
According to data from Dune Analytics, approximately 98 out of every 100 potential memecoins listed on the Pump.fun platform fail to get launched successfully.
Memecoins have elicited varying opinions within the cryptocurrency sphere. For instance, some notable figures, such as Murad Mahmudov, contend that these meme-based cryptos offer a valid application to digital currencies by reducing the speculation premium typically associated with altcoins.
Similarly to Jimmy Song, some individuals consider memecoins as potentially harmful investments that epitomize excessive speculation in the realm of gambling.
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2024-11-29 00:24