A wave of backlash hit social media after news broke that PumpFun, the memecoin launchpad making waves on Solana, could launch a token sale at a $4 billion valuation. Critics didn’t hold back. But market analysts? They’re singing a very different tune.
Sunny Shi, known in crypto circles as Monk, says not only is $4B realistic—it might actually be conservative. In a report published on X, he called it “an incredible opportunity to own a part of the most profitable crypto application of all time.” That kind of boldness turned heads—and raised eyebrows.
The Case for a $7 Billion—or Even $20 Billion—Valuation
Shi’s thesis rests on real numbers. Big ones.
PumpFun and its newer sibling, PumpSwap, have become revenue machines in the crypto space. Shi projects that Pump could still pull in $675 million in revenue over the next two years. And that’s his “base case,” assuming Pump loses some dominance on Solana while PumpSwap continues to expand.
A 10x revenue multiple? That puts the token at a $7 billion fully diluted valuation. Not speculation—math.
But he doesn’t stop there. In a follow-up post, he floated a potential $20 billion upside, contingent on Pump building in community-favored features like airdrops and buybacks. “If they get the token structure right, this could go way further,” he said.
It’s a sharp contrast to what we usually hear during memecoin mania—Shi’s betting on cash flow, not hype.
Where the Money’s Coming From
Let’s look at the receipts.
PumpFun went live in early 2024, first on Ethereum’s Layer 2 network Blast, before pivoting to Solana. That move changed everything. Since then, the ecosystem has brought in $689 million in total revenue—$350 million of that just in 2025.
It hit a ridiculous peak in January: $134 million in one month. That’s more than many layer-1 blockchains make annually.
Here’s what the data shows:
| Metric | Value |
|---|---|
| Total Revenue (Since Launch) | $689M |
| 2025 Revenue (YTD) | $350M |
| Best 30-Day Period | $134M (January) |
| PumpSwap Fees (3 months) | $111M |
| Returned to PumpFun | $17M |
Meanwhile, PumpSwap—its decentralized exchange that booted Raydium off center stage—isn’t just a side hustle. It’s become the go-to for launching new tokens, and since May, half the fees go back to token creators. That revenue-sharing twist? It’s sticky.
Pump’s staying power hinges on this feedback loop of creators making money, which brings in more tokens, which brings in more users. Pretty simple.
Critics Push Back—And They Might Have a Point
That $4B pre-token sale price tag didn’t land well with everyone.
Some users on X slammed the valuation as a cash grab. Others questioned whether any memecoin launchpad should be valued in the billions, period.
There’s also skepticism around the vague token mechanics. Crypto’s been burned before. Projects with ambiguous token structures or weird vesting timelines have led to too many bagholders getting wrecked.
And that’s what Shi warned about too. “The biggest risk here is a poor token model. Investors aren’t dumb anymore,” he said. He’s not wrong—after the LIBRA memecoin scandal, caution is the new cool.
Memes Still Rule Solana—And Pump’s at the Center
Even as revenue cools off, memes are still the heartbeat of Solana.
More than 32% of Solana’s mindshare is dedicated to memecoins and related infrastructure. That includes viral tokens like FARTCOIN and tools like Jupiter, a DEX aggregator used by everyone from whales to newcomers.
The sheer dominance of meme culture keeps PumpFun relevant, even when the hype dips.
And PumpSwap’s entrance only deepens its moat. It’s not just a place to launch tokens—it’s become an entire engine room for Solana’s speculative frenzy.
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32% of Solana’s mindshare is focused on memecoins and meme infrastructure
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PumpFun is still the third most profitable protocol in DeFi over the last 12 months
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Circle and Tether are the only ones ahead—both are stablecoin giants
So yeah, Pump is in good company.
Revenue Might Slow—But the Community Isn’t
Things have cooled off since January.
The memecoin space lost steam after the LIBRA scandal triggered sell-offs and stricter project reviews. Pump’s daily earnings aren’t hitting those earlier highs.
But even in this slower phase, Pump holds its spot as the third most profitable DeFi protocol over the last year.
That’s no fluke.
And community loyalty? Still strong. New memecoins drop every week, with creators and holders sticking with the Pump ecosystem rather than jumping ship to alternatives. The incentive structure still makes sense.
