The popular Solana-based meme coin launchpad, Pump.fun, is reportedly planning to raise $1 billion through a token sale that would value the company at $4 billion, according to Blockworks, citing sources familiar with the matter.

The token sale will be offered to both public and private investors, with hints on social media suggesting it could launch within the next two weeks, the outlet reported on June 3.

At a $4 billion valuation, the platform would become cryptos latest unicorn startup in the same year it fuelled the meme coin frenzy.

PUMP Token Soon?

The report did not specify when the launch would take place or whether the PUMP tokens would be available on exchanges or just the meme coin platform, but a post on X suggested it could be soon.

BREAKING: @pumpdotfun launching $PUMP token in next 2 weeks.

Airdrop for users confirmed as well

Its finally coming.

The platform has been a breakout success since launching in early 2024, allowing users to create tokens on Solana instantly and for free.

It has facilitated the creation of more than 11 million new tokens with a combined total revenue of approximately 3.3 million SOL or roughly $517 million, according to Dune Analytics.

However, volumes have plummeted almost 80% since the height of the meme coin frenzy in January, according to Dune. DeFiLlama reports a similar 70% slump in daily volume on the platform over the past six months.

Nevertheless, Pump.fun has remained competitive by launching its own automated market maker (AMM) to end its partnership with Raydium, releasing a mobile app, and reintroducing a live streaming feature that was previously suspended due to content moderation issues.

Meme Coin Meltdown

Most meme coins, which were largely considered non-functional degen speculation tokens, have collapsed since their January highs. This has also impacted Solanas revenue and network activity, which is primarily meme coin-based.

As high-cap cryptos show signs of recovery, meme coins continue to decline with large double-digit losses for Fartcoin, Pudgy Penguins, and Popcat.

Pepe, Bonk, and Floki were also in the red at the time of writing. Meanwhile, Donald Trump’s namesake meme coin has tanked 85% from its all-time high in January to trade at around $11 at the time of writing.

Its a tough day for the meme category today with $FARTCOIN, $PENGU, and $BONK among the hardest hit.

Are you holding any of them?https://t.co/1sqf05lMCK pic.twitter.com/oxXGDELBJb

It has also been widely reported that the majority of Solana-based meme coins are scams or pump and dump schemes.