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SecondLane lists 1% stake in Pump.fun for $15 million
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Author: Alex O’Donnell, CoinTelegraph; Compiler: Baishui, Golden Finance
According to its platform, SecondLane has listed an equity stake in memecoin protocol Pump.fun at a fully diluted valuation (FDV) of $1.5 billion.
The private market trading platform listed a 1% stake in Pump.fun for $15 million on SecondLane’s web application and on SecondLane’s Telegram channel, where new products are announced.
The Solana memecoin platform has not yet launched a native token. According to Pitchbook data, the company has previously received equity investments from Alliance DAO, Big Brain Holdings and 6th Man Ventures.
Source: SecondLane
In October, the team behind Pump.fun revealed plans for future token issuance and a newly upgraded trading terminal (called "Pump Advance"). The Pump team did not give a specific timeline for future token issuance.
According to DefiLlama, Pump.fun is the eighth-highest blockchain protocol by revenue, ranking just below giants like USD Coin issuer Circle and decentralized exchange (DEX) Uniswap. In the past 30 days, Pump.fun generated $86 million in fee revenue. Pump.fun’s performance came from the memecoin trading frenzy, which mainly occurred on Pump.fun’s native Solana (a layer 1 blockchain). According to DefiLlama, its cumulative fee income exceeded $225 million.
Buoyed by venture capital money and political speculation, memecoin’s market cap now exceeds $122 billion, according to CoinGecko.
Pump.fun promised to let users “launch a token that can be traded instantly for less than $2 with just one click,” with its “For You algorithm using your past actions on Pump dot fun to curate a feed that changes in real time.”
Roughly 98% of potential memecoins on the Pump.fun platform never make it to market, according to Dune Analytics.
Memecoin has drawn mixed reactions from the crypto community. Some influencers, such as Murad Mahmudov, believe that meme coins provide a legitimate use case for cryptocurrencies by eliminating the speculative premium of altcoins.
Others, such as Jimmy Song, believe that meme coins are a net negative for investors and represent the height of speculative gambling.
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