PumpFun: Undervalued or Worthless?
PumpFun's Memecoin Monopoly
There are two types of tokens we want to hold in the upcoming bull run: revenue-generating businesses at reasonable valuations, and reflexive tokens that benefit from the elevated activity speculation brings. Pump is both. As the market leader at the infrastructure layer with its launchpad and DEX, and with a strategic push to own the frontend via Terminal and mobile, PUMP is a broad, liquid picks-and-shovels bet on speculative activity.
Through near-monopolistic ownership of the infrastructure layer, Pump clears 70% of Solana memecoin volume and roughly half of memecoin DEX volume across all chains. Despite a rapidly changing, cyclical memecoin sector, it has held its launchpad dominance while capturing DEX volume and pushing into newer verticals such as the consumer layer.
The result is one of the most lucrative businesses in crypto: $1.37B of revenue since 2024, and, excluding stablecoin issuers, the second-highest-earning application this year behind only Hyperliquid. Despite concerns about revenue durability, that base has held steadier than any other top protocol's, with weekly revenue volatility of 29.7%, the lowest in the top ten.
