Gate platform launches Solana ecosystem project pumpfun Token subscription, is the Meme track reaching a turning point?

In the hustle and bustle of the cryptocurrency market, Meme coins always occupy a unique position. They attract countless eyes with their viral spread, the fervent support of communities, and occasionally astonishing wealth effects. Among them, the pumpfun of the Solana ecosystem is undoubtedly one of the brightest stars in recent years. This platform, known as the "printing machine for meme coins," is about to welcome the public sale of its pumpfun Token. This is not only the most anticipated event in the Meme track this year but has also sparked deep reflections in the market regarding its valuation, future trends, and even the entire Meme ecosystem's "post-golden dog era." Is this a turning point, or does it signify the arrival of some ultimate end?

1. Pumpfun Token Public Sale: A Gamble Valued at 4 Billion Dollars?

According to the official announcement, pumpfun will launch the public sale of its pumpfun Token at 10 PM (Beijing time) on July 12. Of the total supply of 1 trillion Tokens, 150 billion will be sold at a price of 0.004 USDT each, aiming to raise 600 million USD, which means its platform is valued at up to 4 billion USD. In addition, the project team also plans to sell Tokens worth 700 million USD to institutions through private placement.

These numbers have long been a hot topic on social media, but when presented officially, it still feels somewhat incredible. In the summer of 2025, when liquidity is low, narratives have cooled, and community nerves are frayed, a meme coin launch platform is actually looking to raise $600 million, which undoubtedly makes it the most anticipated Token issuance in the Meme track this year. Criticisms in the market about "being too greedy" and "harvesting the last liquidity" are incessant. However, before discussing whether it is "worth it," we must acknowledge a fact: over the past year, the entire Meme narrative has almost been propped up solely by pumpfun. The outcome of this pumpfun Token sale will have far-reaching effects on the market.

II. The Precise Meme Printing Machine: The Business Model and Controversies of pumpfun

pumpfun is hailed as a veritable "money printing machine." According to data from DefiLlama, pumpfun's revenue over the past 30 days exceeds 30 million dollars, with an annual income reaching as high as 370 million dollars, and its historical cumulative revenue has surpassed 700 million dollars. It has not only become the uncontested traffic core within the Solana ecosystem but has even ranked among the most profitable protocols in the entire Web3.

The influence of pumpfun is not only reflected in numbers; it has reshaped the production and dissemination logic of meme coins. It transforms meme coins from a random, manual, and marginal cultural product into a standardized, process-oriented, and scaled content commodity. On the pumpfun website, anyone can issue a coin with just a few dollars in transaction fees, without review or approval, all in one go. This model of "launching immediately, trading immediately, and disseminating immediately" is an almost industrialized method of meme production and represents a brand new attention economy. Once upon a time, the most noteworthy news in the Solana community was no longer which DePIN project completed financing, but the emergence of the overnight thousandfold "Golden Dog" on pumpfun.

However, the biggest controversy surrounding this token issuance is the 4 billion dollar platform valuation set by pumpfun. This figure is not without basis. From a purely financial perspective, its price-to-sales ratio (PS) is 10.8 times based on nearly a year’s revenue. Although this is higher than traditional SaaS companies, it is not considered excessively overvalued in the high-growth, high-profit Web3 industry. The problem lies in the fact that pumpfun's revenue is highly dependent on the overall heat of the Meme sector. In November of last year and January of this year, when market sentiment was high, the "graduation rate" of the pumpfun platform once broke 1.6%, and the platform's daily revenue repeatedly topped tens of millions of dollars. However, as the market cooled down, the number of token launches, active trading volume, and user engagement all significantly declined, and the heat sharply decreased, with momentum fading. The external doubts do not deny pumpfun's past highlights but rather question whether it can still support a valuation of 4 billion dollars in the current sluggish market environment. This issuance of pumpfun tokens will undoubtedly become the focus of market attention.

3. From Casino to Media: Pumpfun's "Self-Rescue Transformation" and External Competition

In the face of the simultaneous retreat of liquidity and enthusiasm, pumpfun is trying to break free from its positioning as a "launch factory" and shift towards a more narrative and content-driven entertainment platform. This transformation is unfolding through "live streaming" and "influencer star-making."

pumpfun launched a $1 million streamer incentive program at the end of May this year, supporting native content creators to livestream on its platform. Among them, Israeli Gainzy is seen by the community as a representative figure of this round of livestreaming transformation. This streamer, who became famous for cursing Vitalik during a livestream, has become the most popular ecological IP of pumpfun. The livestream coin $GAINZY once surpassed a market value of $10 million, influenced by livestream traffic and sentiment before and after each broadcast. Gainzy's livestream even attracted founders of top Web3 projects like Yuga Labs and Pudgy Penguins to watch and interact with him. Compared to traditional meme coins that rely on community users to spread on X, pumpfun is creating individual content streamers as traffic nodes, keeping the heat and attention within its ecosystem.

At the same time, some tokens that originally seemed nonsensical have been given a clearer narrative of "identity." For example, $NEET, shaped by nihilism, encapsulates the image of a group characterized by "no job, no education, no training," resonating with the era's anxieties of Gen Z; $CHILLHOUSE, on the other hand, sparked viral imitation in multiple livestreams with the nonsensical question "Thoughts on chillhouse?" From "pump and dump" to "narrative," from "feel-good" to "resonance," pumpfun is trying to extend the lifespan of meme coins—it is no longer just a platform for making money in PvP but also aims to become a subcultural stage for young people to express themselves and foster a sense of belonging.

However, while pumpfun is working hard to tell a new story, external competitive pressures are also becoming increasingly severe. LetsBonk.fun, leveraging Bonk's community status, its close ties with Raydium and the Solana Foundation, as well as the wealth effect of leading tokens like $USELESS, is challenging pumpfun's leading position.

According to on-chain data, as of July 7, LetsBonk.fun has surpassed pumpfun in several key metrics: the market share has reached 55.22%, while pumpfun has dropped to 34.86%; in the last 24 hours, the protocol revenue for LetsBonk was 1.04 million USD, surpassing pumpfun for the first time; the number of launched coins and user activity is also significantly ahead of pumpfun.

This overtaking on the curve is not a coincidence. Compared to pumpfun's long-term high commission and high centralization mechanism, LetsBonk has chosen a completely different route: 50% of the platform fees will be used for the repurchase and destruction of BONK Token, while another 8% will be used for strategic reserves and community incentives. In terms of income structure, it clearly binds the interests of users and developers, allowing every creator to become a beneficiary of the platform's growth.

More importantly, LetsBonk founder Tom has been "intensely online" maintaining the community's reputation, frequently fixing bugs and optimizing interfaces since June, and has actively used Chinese characters like "你好" in the Chinese community, demonstrating a clear "localization affinity." This rare posture of a founder in the Solana ecosystem greatly enhances community stickiness. As a result, more and more users are "voting with their feet," shifting their attention and funds to the Bonk ecosystem even before pumpfun officially issues its coin. The rapid increase in $BONK's market capitalization also serves as a market-side confirmation of this trend.

IV. Gate platform offers subscription incentives: cashback rewards and community activities

As the official Token public sale of pumpfun attracts attention, the renowned Crypto Assets trading platform Gate has also announced the launch of the Solana ecosystem project pumpfun Token subscription. This provides a global opportunity for users to participate in this issuance.

According to the announcement from the Gate platform, users who participate in the subscription through the Gate platform from 10 PM on July 12, 2025, to 10 PM on July 7 (Beijing time) will receive a 2.5% USDT cashback incentive based on the actual payment amount. The total cashback amount is 625,000 USDT, and the total sales amount supported is 25,000,000 USDT. The cashback will be automatically calculated and distributed by the system, and users do not need to take any additional action. If there are many participants during the event, the cashback will be distributed in the order of each subscription time until the prize pool is exhausted.

In addition, the Gate platform has simultaneously launched the "Invite Friends to Grab Pumpfun" event, where users can receive an additional reward of up to 500 USDT. The appeal of this Pumpfun ICO comes not only from the project itself but also from the added incentives provided by the Gate platform.

Gate platform emphasizes that this token sale is initiated by the pumpfun team, and the platform does not participate in project investment, valuation, or operation, only providing technical support services for the token sale. This also reminds investors that, despite the platform offering convenient subscription channels and cashback incentives, they still need to conduct a thorough risk assessment of the project itself. Please stay tuned to pumpfun's sale news to keep up with the latest information.

Conclusion:

$4 billion is the price that pumpfun has set for the market. This price may be too high, or it may still underestimate its potential as a "narrative factory". But regardless of how it is judged, it was once the most important attention aggregator in this industry.

pumpfun is not the endgame of Meme, nor is it a savior. It is merely a node in the grassroots cultural wave of Web3—imperfect, unethical, and even somewhat greedy, but it indeed propels the story forward. Who will be the next pumpfun? No one knows. But we know that the story will continue. Because there will always be someone wanting to issue coins, there will always be someone wanting to get rich, and there will always be someone wanting to change their fate. And that is the power of Meme coins. This time the pumpfun Token issuance, regardless of the outcome, will be recorded in the history of Crypto Assets. Perhaps there will be more events like pumpfun airdrops in the future, which are worth looking forward to.