Pump.fun plans to raise $1 billion from token launch: Blockworks

• Pump.fun reportedly plans to raise $1 billion from a token sale.
• The sale is expected to come at a $4 billion token valuation.
• Pump.fun is expected to launch the token within two weeks.

Solana-based Pump.fun is reportedly planning a token sale to raise $1 billion at a fully diluted valuation (FDV) of $4 billion, available to public and private investors, according to a Blockworks report on Tuesday.

Pump.fun reportedly planning to launch token, targets up to $1 billion sales

Solana-based token launchpad Pump.fun is reportedly preparing to launch a $1 billion initial coin offering (ICO) sale at a $4 billion fully diluted valuation (FDV), according to a report by Blockworks, which cited sources familiar with the matter.

The token sale is expected to commence in about two weeks and will be open to both private and public investors, the report added. 

There has been no official word from the Pump.fun team or account confirming the report. There is also little detail available on the token's name, ticker, or exact launch date.

Blockworks added that the potential $4 billion token valuation would establish Pump.fun as crypto's latest "unicorn startup," following its role in driving the meme coin frenzy last year. The platform sparked a surge in meme coin activity following its launch, with millions of tokens being generated within months.

Pump.fun has amassed $622 million in total revenue since its launch last year, according to data from Dune analytics dashboard by @tiagocryptonary. Following the decline in meme coin demand in February, the platform's revenue also dropped. However, its team found new ways to keep revenue afloat.

The meme coin platform launched its own decentralized exchange (DEX), PumpSwap, in March to facilitate the trading of meme coins and other Solana-based tokens, thereby ending its ties with Raydium.

The Solana meme coin category is down nearly 3% following the announcement, with top tokens Official Trump (TRUMP), BONK, Fartcoin and Pudgy Penguins (PENGU) declining 1%, 4%, 10% and 5%, respectively, over the past 24 hours. The only Solana meme token with positive returns among its top 5 is dogwifhat (WIF), with a 3% gain on the day.