The attention of the crypto world is once more fixed on the meme coin platform Pump.fun, which has made the audacious decision to go ahead and launch its own token.
It plans to raise $1 billion in an initial presale stage and lists a fully diluted valuation (FDV) of $4 billion for the token, which has us rather confused. Writing this token up to four bills doesn’t really jibe with how you’d think a platform that just last week was calling itself a “joke” would conduct itself.
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$1 Billion Raise, Revenue Sharing, and No Vesting: The Token Plan
Per sources such as Blockworks and The Block, Pump.fun is ready to launch its own token and has some big plans for it. The company aims to not just raise a substantial amount of money ($1 billion) through public and private sales but also to give its token quite a nice bump in terms of perceived value right out of the gate. That is, right after it lists, the company wants it to have a $4 billion FDV (fully diluted valuation). Pump.fun is already in the process of raising some of that $1 billion.
1/🚨 #pumpfun is launching its own token
– $1B presale
– $4B FDV
– Revenue sharing #crypto model
Sounds like the next big #Web3 move – but behind the scenes, controversy is brewing. Here's what you need to know: 🧵👇 pic.twitter.com/j8hvPUi254— Stanislav Lepka (@LepkaStanislav) June 20, 2025
Sources within the company provide insight into the token’s design. They say it’s meant to offer something akin to revenue sharing. That is, if you hold the token, you’re supposed to get a portion of the platform’s profits—more specifically, profits derived from the 1% buyback mechanism that’s tied directly to these alleged revenues. While this setup may appeal to someone looking for a sustainable “real yield”—as opposed to all the like-mentioned DeFi mechanisms that often wind up blowing up in our faces—it comes with two big caveats.
At this point, Pump.fun has verified this token distribution.
- 25% for the public sale
- 10% for airdrops
- 65% remains unconfirmed, but is widely expected to be allocated to team members, venture capitalists (VCs), and protocol reserves.
Although these numbers seem encouraging on the surface, much of the community is starting to scratch its collective head and ponder what the real motivation behind the launch might have been.
Too Late or Too Greedy? The Growing Community Backlash
The timing and structure of the token raise, critics say, suggest that this is more about maximizing profit than empowering the community.
“They’ve made already hundreds of millions. Why are they asking for another billion?” said one prominent crypto trader on X (formerly Twitter). Another said, “They should have introduced revenue sharing months ago. This feels like a cash grab driven by FOMO.”
Since its January 2024 launch, Pump.fun has pulled in revenues of over $742 million as of June 9, 2025. That makes it one of the most profitable platforms in the space—without even having a token. Now, with the promise of revenue sharing finally on the table, many feel the team is dangling carrots after already feasting at the table.
Exclusive: The Pumpfun token auction and listing, originally scheduled for June 25, has been postponed again and is now expected to take place in mid-July.
Sources familiar with the matter disclosed that since Pumpfun began planning to issue and auction tokens late last year,… pic.twitter.com/UD0xIb45FA
— Wu Blockchain (@WuBlockchain) June 20, 2025
Adding to concerns, this isn’t the first time the token’s rollout has been pushed back. Both the auction and the listing, originally slated for June 25, have been put off once more—for now, they’re rescheduled to mid-July. But folks who’ve been watching closely say the auction has actually been on delay since the end of 2024, which has led to the issue being raised that, if this schedule is indeed on the up and up, is the team stretching things out because it’s somehow better for valuation and interest if they do?
Mass Adoption or Master Exit? Reading Between the Lines
In October 2024, during a Twitter Spaces session, one of the co-founders of Pump.fun laid out some pretty ambitious goals: “We’ve reinvested everything back into the platform. We want to build something like Binance—or bigger. We want to bring this to the masses.”
It was a brave assertion—and not of necessity untrue. The platform now counts over 1 million active wallets among its ranks. But underneath that patina, some troubling numbers emerge: only 3.26% of users are currently in the black with their trades, while more than 96% either lose money or make none that’s worth talking about. This really raises the question, with a new token on the way, about ecosystem sustainability.
Even as Pump.fun has enjoyed meme coin success, it’s becoming clearer that there’s a growing chasm between the hype and what the potential reality is likely to be. Sure, in a parallel universe, the token that’s been promised could deliver real yield. But extreme risk has been introduced into the equation due to a couple of significant factors. One is the centralized control over the actual token supply. And the other is that vesting, which might serve as a bulwark against extreme risk, just isn’t happening here.
Some see the token launch as a long-anticipated opportunity to partake in the platform’s substantial earnings. Others view it as the founding team’s signaling to the masses that they’re getting ready to execute a well-planned, high-profile exit.
Conclusion
Pump.fun’s token launch promises to be one of the most discussed—and controversial—Web3 events this year. Why? Because it could make a staggering amount of money, and because its presale goal is almost certainly going to ruffle some feathers. That goal? Raise at least $500 million prior to the actual token launch. And guess what? The organizers plan to do this without letting the funds raised during the presale sit in a trust for the token holders. That’s right: No vesting.
As the date of the auction in mid-July nears, investors and community members must make a judgment call: is this a sincere attempt to decentralize a platform that prints money like no other, or is it merely the curtain call for what has been a very profitable gig?
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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