Hyperstition #44 — July 8, 2025
Pump.fun readies ICO, LetsBONK dominates coin creations, and more.
Pump.fun hints at plans for July 12 ICO
Gate.io briefly posted — then deleted — a listing for a July 12–15 public sale of the PUMP token at a $4B valuation.
Pump.fun has yet to confirm the date, but sources say an ICO is imminent.
Pump.fun, the Solana-based memecoin launchpad, is preparing to launch its long-awaited PUMP token in a public sale, according to a now-deleted exchange listing and a source familiar with the matter.
On July 7, crypto exchange Gate.io briefly published a sale page for PUMP, listing a 72-hour token offering set to begin July 12. The listing was removed later that day without explanation.
According to the Gate.io post, Pump.fun plans to sell 150 billion PUMP tokens — 15% of the total 1 trillion supply — at $0.004 USDT each, implying a fully diluted valuation (FDV) of $4 billion.
Gate later confirmed it had removed the page but provided no definitive update on whether the token sale would proceed as scheduled.
A source familiar with the matter told Hyperstition that a Pump.fun initial coin offering (ICO) is imminent but did not confirm a launch date.
In June, Blockworks reported that Pump.fun planned to raise as much as $1 billion in an ICO, citing two sources familiar with the matter.
Planned utility
Since launching in early 2024, Pump.fun has become one of the most successful applications on Solana. The platform has generated nearly $700 million in revenue and supported the creation of over 10 million memecoins, according to data from Dune Analytics.
The PUMP token is expected to function as a utility and rewards mechanism within the Pump.fun ecosystem, according to Gate.io. While not required to use the platform, token holders may gain access to airdrops, promotional events, and other incentives.
In June, sources told The Block that Pump.fun also plans to share protocol revenue with PUMP holders, though no formal allocation or governance details have been announced.
Early indications suggest that a portion of the remaining token supply may be set aside for private investors, the development team, and possible staking or rewards programs.
Gate.io initially described the sale as first-come, first-served with no upper purchase limits, requiring only a minimum contribution to participate.
However, following the listing’s removal, the platform stated it had discontinued its pre-market support for Pump.fun and had no confirmed timeline for reinstating the page.
Mounting competition
The anticipated token launch comes as competition heats up in the memecoin creation space.
New platforms like Moonshot Create and Jup Studio have entered the market in recent weeks, challenging Pump.fun’s dominance by offering differentiated features aimed at both retail and advanced users.
In response, Pump.fun has begun rolling out new features aimed at retaining users and creators. In June, it released “Pump.fun 2.0,” a revamped mobile app that includes a trending “movers” feed, one-tap trading, and a real-time news section.
The platform also reinstated its livestreaming functionality and launched a $1 million “Content Ideathon” to fund creator-led programming.
A growing number of influencer-linked tokens — including Based House (BASEDD), Rasmr (rasmr), and Gainzy stream (gnzystrm) — have gained traction on the platform in recent weeks, reflecting what Pump.fun’s co-founder has called the emergence of “creator capital markets.”
In Other News…
LetsBONK overtakes Pump.fun in daily revenue and market share
Solana memecoin launchpad LetsBONK has surpassed Pump.fun in daily revenue and token launch volume for the first time, signaling a shift in the competitive landscape of onchain token creation.
On July 7, LetsBONK generated $1.23 million in protocol revenue, more than double Pump.fun’s $520,000 over the same 24-hour period, according to DefiLlama.
The platform also flipped Pump.fun in market share, hosting more than 22,000 new token launches that day compared to fewer than 10,000 on Pump.fun, per Dune Analytics data. LetsBONK captured roughly 61% of daily market share, while Pump.fun fell to around 27%.
The milestone marks the first time Pump.fun has lost its leading position since launching in early 2024.
Backed by the BONK community and integrated with Raydium’s LaunchLab contract suite, LetsBONK has rapidly gained traction since launching in late April.
As of July 8, BONK, one of Solana’s most widely held memecoins, trades at a roughly $2 billion FDV, according to CoinMarketCap.
The surge has been driven in part by several breakout tokens, including USELESS COIN (USELESS), Hosico (HOSICO), and IKUN (IKUN), which currently hold market capitalizations of approximately $250 million, $55 million, and $20 million, respectively, according to DexScreener.
The platform’s unofficial mascot token, Let’s BONK (LetsBONK), is trading near $8.5 million in market cap after briefly reaching nearly $18 million on July 7.
Pump.fun, long the dominant force in Solana’s memecoin ecosystem, now faces intensifying pressure from multiple challengers.
Despite the rising competition, Pump.fun still leads on cumulative metrics. It also maintains the highest 30-day revenue total at $37 million, compared to LetsBONK’s $4.5 million, according to DefiLlama.