Messari Values PUMP at $7B, Sees pump.fun’s $4B Token Sale as Undervalued
Messari’s recent analysis estimates the fully diluted valuation (FDV) of the PUMP token at around $7 billion, suggesting pump.fun’s planned public sale at a $4 billion valuation for 25% of tokens could be a lucrative entry point. The top-down model factors in continued memecoin demand, Solana’s market share and the rapid growth of PumpSwap—a new DEX that has already eroded Raydium’s presence on Solana. Messari projects approximately $675 million in revenue over the next two years for pump.fun, applying a 10× revenue multiple to arrive at the $7 billion FDV. The firm warns that fair token economics and transparent revenue-sharing are crucial; without them, the market may penalize insider-heavy distributions. Ahead of the sale, PUMP trades at $6 in Aevo’s pre-market, implying a $6 billion FDV. The report positions pump.fun as a high-upside opportunity, contingent on equitable value accrual for token holders.
Bullish
Messari’s $7 billion valuation for PUMP and pump.fun’s $4 billion token sale present a compelling entry point, echoing past memecoin rallies where early investors profited significantly (e.g., PEPE, BONK). The strong revenue projection from PumpSwap and Solana’s robust ecosystem underpin a positive outlook. If tokenomics remain transparent and holders receive fair revenue shares, traders are likely to view PUMP as undervalued, driving buying pressure in both short term (pre-sale enthusiasm) and long term (network growth and revenue realization).