Blockworks Analyst PUMP Valuation Range Between $0.0108 and $0.0205

Blockworks research analyst Shaunda Devens stated that the meme coin issuance platform PumpFun on Solana has an annual revenue of $677 million, with weekly revenue fluctuations at a minimum. The platform combines launchpad and DEX infrastructure, with daily trading volume on mobile and Terminal growing 5.6 times since early July. Cumulative revenue since 2024 has reached $1.37 billion, making it the second-highest revenue-generating application this year after Hyperliquid, excluding stablecoin issuers. Devens noted that PUMP is currently trading at a 2.8x price-to-sales ratio, with a valuation range of $0.0108 to $0.0205, equivalent to 2.3x to 4.4x the current price. The programmatic buyback, funded by 50% of revenue, is expected to absorb approximately 17.6% of the circulating supply annually at the current price, with about 77% of allocated insider tokens remaining unmoved, and the team holds a treasury of approximately $2 billion. 96% of the revenue comes from tokens with a market cap below $1 million, and revenue denominated in SOL is at a historical high. PumpFun accounts for about 70% of the trading volume of Solana meme coins. Revenue for the second quarter was $85.2 million, with a run rate of $125.4 million for the third quarter, reflecting a 47% quarter-over-quarter growth, with the launchpad contributing $87.1 million and PumpSwap contributing $38.3 million. Daily active users on mobile increased from 5,600 to 34,100.