PUMP surpasses $3B fully diluted valuation for first time since January

The PUMP token, native to Solana’s memecoin launchpad Pump.fun, has crossed the $3 billion fully diluted valuation threshold for the first time since January. With the token trading at roughly $0.003062 and a circulating market cap near $1.2B, the milestone marks a notable recovery for a project that once commanded valuations nearly double the current level. The gap between those two numbers tells an important story. Only about 39% of PUMP’s maximum supply of 1 trillion tokens is currently in circulation, roughly 391 billion tokens. That means the market is pricing the entire theoretical supply at $3.06B, while the float that actually trades hands is valued at less than half that figure. What’s driving the rebound Pump.fun operates as a launchpad for memecoins on Solana, using a bonding-curve system that lets anyone spin up a token and start trading it almost instantly. The platform’s tokenomics include a fee-sharing mechanism designed to create persistent buy pressure. Half of the protocol’s revenue from trading fees gets funneled into buybacks and burns of the PUMP token. In practice, that means every trade on Pump.fun indirectly supports PUMP’s price by pulling supply off the ma...