Memecoin Platform Pump.fun Plans Massive $1B Raise

According to insiders, Pump.fun, the memecoin creation platform, wants to raise $1 billion by selling its tokens. Pump.fun is close to becoming a $1 billion ‘unicorn’ due to the Solana memecoin craze bringing in $700 million in revenue for the platform.

Pump.fun Nears $1B ‘Unicorn’ Status

According to the report from Blockworks, Pump.fun developed with swift growth after its launch in February 2024. With the platform, creating a token is easy which led to a huge increase in memecoins.

The sale of tokens will include participation by investors of all categories, but a date for launch is still unknown. A recent post on X said the sale could take place within two weeks.

The platform has earned over $700 million which demonstrates how popular Pump.fun is with crypto users. Being successful in this way means it is now counted among the top “unicorn” companies.

Pump.fun’s $4B Valuation Suggests Memecoin Boom

Memecoins which are linked to jokes and trends found online, have soared in popularity and Pump.fun has been a major factor. Since the platform is easy to understand and use, many casual and professional traders use it.

Pump.fun was valued at $4 billion as investors, mirroring broader market shifts like BlackRock’s pivot to Ethereum, express confidence in its growth. More investors might join the platform which could make memecoins more popular.

Having the Solana connection has helped the platform catch attention quickly. Solana allows for quick and affordable transactions which benefits memecoin projects.

In order to keep up with other companies, Pump.fun improved many parts of its platform. Lately, it implemented an automated market maker (AMM) which now frees the project from its collaboration with Raydium. They also created a mobile app and restored the live streaming feature which had been suspended for a time due to moderation problems.

More Solana Users Are Active

There have been a lot of changes in the number of active addresses on Solana lately. In the time between mid-May and early June, active addresses on the network fell to around 5.6 million and then rose to 7.6 million.

It is a sign that users continue to be actively involved in the platform throughout changes in the market. The cryptocurrency’s price remained unpredictable with SOL’s price moving around $200 as analysts forecast a potential SOL price rally following a trader’s $3M long position.

The number of active addresses is going up indicate that more people are interested in the crypto market. More active addresses usually suggest there is more trading happening.

The low fees and scalability offered by Solana might be encouraging more people to trade.  The 7.6 million active addresses shows how alive the ecosystem is recently.

Source: Glassnode