The Surprising Math Behind Pump.fun’s $9 Billion Valuation

Actionable Market Insights

Author

10x Research
July 08, 2025

Why this report matters

A Solana-based memecoin launchpad has quietly outpaced a major DEX in revenue, despite doing just one-tenth of the trading volume. As trading activity shifts and user behavior fragments, the fee model powering this platform could reshape how early-stage tokens are discovered and traded. Meanwhile, its on-chain rival is scrambling to defend turf with a new product launch.

Pump.fun token launches sharply dropped off after $TRUMP launch

Valuations are beginning to diverge, and revenue multiples suggest a potential bargain—or a trap. What started as a symbiotic partnership has now evolved into a high-stakes rivalry for dominance over the next wave of retail crypto transactions. We break down the numbers, the tokenomics, and why this battle could matter far beyond Solana.

Main argument

Pump.fun’s native PUMP token is scheduled to launch via a public sale on July 12, 2025, running for approximately 72 hours. The sale will be hosted on Gate.com and Pump.fun’s own platform, offering 150 billion PUMP tokens (15% of the total 1 trillion supply) at $0.004 each, valuing the project at roughly $4 billion. As a reference, Raydium’s fully diluted valuation is $1.2 billion but there is a twist. Pump.fun is either a bargain or a trap.

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