Pump.fun issue coin follow-up: Who is the winner? Who is out?

Recently, the focus of the cryptocurrency market has been on the token issuance of Pump.fun. This highly anticipated project has sparked widespread discussion since June, with the official issuance of the coin taking place on July 12. Although there are doubts about its $4 billion valuation, the public offering sold out in just 12 minutes, reflecting the enthusiasm of investors.

Since its launch in January 2024, Pump.fun has become a leader in the MEME space. It has not only disrupted traditional coin issuance models but also attracted a large number of users with its convenient operation. Data shows that Pump.fun has issued over 11.44 million coins, with more than 22 million active addresses, and cumulative revenue close to 720 million USD. At its peak, daily transaction fee revenue even reached as high as 5.43 million USD.

However, with the cooling of the MEME market, the data from Pump.fun has also shown a decline. Recently, the daily trading volume has stabilized at around $700,000, a decrease of 87.2% from its peak period. At the same time, the number of tokens created and the graduation rate have also shown a downward trend. This trend not only reflects the difficulties faced by Pump.fun itself but also reflects the cooling of the entire MEME market.

In response to market changes and competitive pressures, Pump.fun has chosen to issue its native coin PUMP. This issuance plan aims to raise $600 million, accounting for 15% of the total supply. Although the market is skeptical about its $4 billion valuation, the public offering was completed in just 12 minutes. Participants include several large exchanges and numerous small investors, demonstrating the market's confidence in Pump.fun.

After being listed, the price of the PUMP token experienced a brief fluctuation before starting to rise, currently quoted at $0.0066, an increase of 55% from the issuance price. Pump.fun has also adopted a buyback strategy to support the coin price, having used approximately $1.83 million to repurchase 3.04 billion PUMP tokens so far.

In the short term, the project team, early participants, and some investors have profited from it. However, the long-term performance of the PUMP token remains uncertain. Some large holders have begun to take profits, such as an investor who participated in the public offering through 5 wallets and sold out entirely after making a profit of $3.416 million.

The future direction of the MEME market remains unclear. Although the macroeconomic environment has improved and mainstream tokens are performing strongly, the MEME coin market may exhibit polarization. High-quality projects are expected to benefit from sector rotation, while other projects may face the risk of liquidity depletion.

The issuance of coins by Pump.fun reflects, to some extent, the current state and future direction of the MEME market. Regardless of the final outcome, this will serve as an important reference for the market's valuation of attention economy.