Pumpfun’s Token PUMP Launches at $5.6B Valuation, Takes Over Solana Ecosystem Buzz

Solana-based memecoin launchpad Pumpfun debuted its native token PUMP on July 12, instantly grabbing attention with a massive $5.6 billion market cap. The initial token sale was a huge success, raising $500 million in just 12 minutes at a $4 billion valuation—highlighting strong market demand.

Ahead of the public launch, pre-market trading on Hyperliquid showed intense interest. At its peak, PUMP's futures were the third-most traded on the platform (behind only BTC and ETH), even with just 3x leverage. The token’s valuation briefly surged to $7.2 billion before stabilizing at launch.

The $4 billion ICO valuation sparked criticism from some, who labeled it “extractive.” Others defended it, citing the platform’s strong fundamentals. Since launching in Q1 2024, Pumpfun has generated $720 million in revenue, making it one of the top earners in the DeFi space last year.

While growth has cooled in 2025, Pumpfun remains highly profitable, posting $264 million in revenue year-to-date and maintaining the 7th-highest 30-day revenue in DeFi. July, however, is on track to be the slowest month since September 2024.

After February’s memecoin slowdown, Pumpfun regained momentum by launching its own DEX, PumpSwap, replacing Raydium as the default exchange for tokens created on the platform—helping drive new earnings.

According to Messari Portals data, Pumpfun currently dominates Solana’s narrative, accounting for over 26% of the ecosystem’s mindshare by assets. It’s followed by PENGU, the Pudgy Penguins token, which has surged 93% this week and holds 16% of the mindshare.