Blockworks Analyst: PUMP valuation range is $0.0108 to $0.0205

Blockworks research analyst Shaunda Devens stated that the annual revenue of the Solana-based meme coin issuance platform PumpFun reaches $677 million, with the lowest weekly revenue fluctuations among the top ten protocols. The platform combines launchpad and DEX infrastructure while expanding the consumer layer, with daily trading volume on mobile and Terminal's front end increasing 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 excluding stablecoin issuers, only behind Hyperliquid.

Devens noted that PUMP is currently trading at a 2.8 times price-to-sales ratio, with its valuation range for PUMP between $0.0108 and $0.0205, equivalent to 2.3 to 4.4 times the current price. The programmatic buyback funded by 50% of revenue absorbs approximately 17.6% of the circulating supply at the current price, with about 77% of allocated insider tokens still unmoved. She mentioned that the team has a treasury of approximately $2 billion.

She also stated that 96% of the revenue comes from tokens with a market cap of less than $1 million, with revenue priced in SOL at historical highs. PumpFun accounts for about 70% of the trading volume of Solana meme coins. The revenue for the second quarter was $85.2 million, with a run rate of $125.4 million in the third quarter, representing 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.