Jessy, Jinse Finance
On July 12th, Pump fun's token Pump will be publicly offered. This offering is in collaboration with several second-tier exchanges such as Kucoin, Bitgat, and MEXC.
PUMP has a total supply of 1 trillion tokens, with 33% for ICO at a price of 0.004U. This includes $600 million raised through exchanges and $700 million sold to institutions via private placement.
The token sale coincides with market recovery, with Bitcoin breaking new highs and crypto market liquidity slowly recovering. Industry insiders are largely skeptical about Pump.fun's token, as the MEME market has cooled down and Pump.fun's revenues have significantly dropped, with this token sale seen as another attempt to harvest during market liquidity recovery.
IOSG Ventures founder Jocy posted on social media that this Pump.fun public offering looks more like using participants as exit liquidity, essentially a highly speculative gamble.
Is the PUMP token worth buying for retail investors?
33% ICO, Team Holds Nearly 40%
PUMP's maximum supply is 1 trillion tokens, with 33% for ICO (18% private + 15% public), 24% for community and ecosystem, 20% for the team, and 13% for existing investors. Private and public sale prices are both 0.004U, with ICO tokens fully unlocked on the first trading day on July 12th. Team and investor token lock-up periods are unknown. US and UK residents cannot participate in this ICO.
The token allocation has been widely criticized by the community. Crypto researcher Rex directly stated its tokenomics are "exploitative". He pointed out that the team allocated over 40% of token supply to themselves and related parties (team 20% + existing investors 13% + foundation 2% + ecosystem fund 2.4% ≈ 37.4%), while the platform's past year revenue of over $750 million largely depended on community contributions.
The unlock rules appear non-transparent to community members. The 33% public and private sale tokens are fully unlocked on the first day, but team and investor token lock-up terms are not disclosed, creating "internal arbitrage" risks - potentially selling after using retail investor funds to support the market.
IOSG Ventures founder Jocy believes the Pump.fun team has neither the intention nor ability to "pump" or "control" the market. They have already gained enormous wealth through fees, and this ICO seems more like a final "value realization" (Exit Liquidity).
No Technical Barriers, Market Share Already Overtaken
The Pump.fun team has indeed become extremely wealthy through fees.
This MEME launch platform on Solana was established in 2024. According to defillama data, its trading volume and revenue peaked in January 2025. Currently, both trading volume and fee income have sharply declined. According to IOSG Ventures founder's post on X, Pump.fun's daily revenue, which reached over $7 million on January 23rd, 2025, has now plummeted by over 92% to around $500,000.
From its establishment in January 2024 to now, its quarterly revenues are as follows:
With the MEME narrative temporarily cooling down, Pump.fun is seeking transformation. The team recently disclosed two strategic adjustments: expanding their currently under-20-person team to 70, covering engineering, compliance, and legal domains, and testing their own AMM to try building a trading closed loop.
These actions confirm that the Pump.fun team recognizes they lack technical moats. Their market share has already been overtaken by another Solana platform, LetsBonk.
These observations show that Pump.fun is not a MEME launch platform unicorn, lacks technical barriers, and can be easily replaced.
Although Bitcoin breaking new highs brings short-term liquidity spillover effects and MEME coins might see periodic revival, Pump.fun's "token equals zero" projects mean extremely poor user stickiness. Combined with users' impression of the founding team's massive earnings, the market might not buy into the PUMP token.
With an unfriendly token mechanism, high initial valuation, and MEME heat unlikely to return to its peak, the project likely lacks long-term investment value.
