PUMP Token Launches, Dominates Solana Mindshare

The memecoin launchpad token opened up at a $5.6 billion fully diluted valuation.

Solana memecoin launchpad pumpfun just released its highly anticipated token, PUMP, hitting the market at a $5.6 billion valuation, and dominating the Solana ecosystem mindshare.

The token‘s initial coin offering (ICO) opened on July 12, and filled in just 12 minutes, raising $500 million and proving there was no shortage of demand at the launch’s $4 billion valuation.

Demand to trade the token was also shown in the pre-market on Hyperliquid, where at one point the PUMP pre-market perpetual futures contract commanded the third-highest volume on Hyperliquid perpetuals with just 3x leverage, only trailing BTC and ETH, which are offered at 40x and 25x leverage respectively. The token reached a peak pre-market valuation of $7.2 billion, before settling to its opening price.

The leadup to the token launch has been filled with debates over the token‘s valuation for its ICO, with many calling the token sale at a $4 billion valuation “extractive,” while others argue that it’s a fair valuation for a protocol that has generated $720 million in earnings since its inception in Q1 2024.

Pump‘s profitability has slowed down in 2025 — after a blistering hot 2024, where it only trailed Tether and Circle in terms of revenue generation. But the platform still boasts the seventh-highest 30-day revenue in all of DeFi, with $264 million in year-to-date earnings. It is worth noting that July is on track for the protocol’s slowest month since September 2024.

Pumpfun monthly revenue. Source: DeFiLlama

While the launchpads total volume and earnings have slowed down some since the memecoin market took a hit in February, the protocol has boosted its earnings by launching its own native DEX, PumpSwap, which replaces Raydium as the default decentralized exchange that pumpfun-launched tokens trade on.

With all eyes on PUMP, the protocol is dominating Solana mindshare at the moment, according to Messari Portals* data. Pumpfun is commanding over 26% of the entire ecosystems mindshare by assets, followed by the Pudgy Penguins token, PENGU, which is up 93% this week, and is taking up over 16% of Solana mindshare.