Private market platform SecondLane has listed a 1% equity stake in the memecoin protocol Pump.fun for $15 million, valuing the project at a fully diluted valuation (FDV) of $1.5 billion.
The listing is available on SecondLane’s web app and its Telegram channel, where new offerings are announced.
Pump.fun, a memecoin trading platform operating on Solana (CRYPTO:SOL), has not yet launched a native token.
It previously secured investments from Alliance DAO, Big Brain Holdings, and 6th Man Ventures, according to Pitchbook data.
In October, the Pump.fun team hinted at plans for a future token release and an upgraded trading terminal, “Pump Advance,” but no specific timeline has been disclosed.
According to DefiLlama, Pump.fun ranks as the eighth highest-earning blockchain protocol, generating $86 million in fee revenue over the past 30 days and surpassing $225 million in cumulative fees.
The platform’s popularity stems from a memecoin trading boom on Solana, supported by venture capital funding and increased interest in speculative tokens.
CoinGecko data shows the memecoin market has reached a capitalisation of $122 billion.
Pump.fun allows users to “launch a coin that is instantly tradeable for under $2 in one click” and features a personalised feed powered by user actions, according to the platform’s X account.
However, data from Dune Analytics reveals that roughly 98% of prospective memecoins on the platform fail to launch successfully.
Opinions on memecoins remain divided within the crypto community.
Advocates like Murad Mahmudov argue that memecoins offer a unique use case by addressing speculation in altcoins.
Critics, including Jimmy Song, see memecoins as harmful to investors, labeling them as speculative gambling.