After reports surfaced that memecoin launchpad PumpFun was planning a token sale at a $4 billion valuation, social media users were quick to criticize the platform. However, analysts at market intelligence firm Messari expect the $PUMP token to trade at a significantly higher valuation.

Sunny Shi, also known as Monk on X, has published a report calling for a valuation of $7 billion or higher, referring to the raise as “an incredible opportunity to own a part of the most profitable crypto application of all time.”

In the report, Shi highlighted the success of PumpSwap and PumpFun’s effect on the Solana ecosystem as a whole. In essence, Shi considers memecoins a more efficient speculation vehicle than previous iterations, such as non-fungible tokens (NFTs). “We think Pump can still put out ~$675M in revenue in two years as PumpFun retains slightly lower share within Solana and PumpSwap continues to grow. With a 10x multiple, that's around $7B FDV in our base case,” said Shi on X.

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