不到两年狂揽7.3亿美元，pump.fun发币是MeMe的最后一棒么？

coinvoicePublished on 2025-06-10Last updated on 2025-06-10

 

作者：SuperEx 


最近，Solana 上的所谓“Meme引擎” Pump.fun 再次掀起了市场波澜。关于其即将推出Token的传言引发了本已脆弱的链上生态系统中强烈的避险情绪。有人称其为注意力经济的新标杆；也有人将其贴上 Solana 生态系统中“头号毒瘤资产”的标签。

那么，Pump.fun 究竟是一匹未被驯服的黑马，还是加密货币 FOMO 文化的最后狂欢？这次Token推出的风波或许是对其真正价值的终极试金石。

 

 

 01 

发生了什么：Pump.funToken推出的热议

事情是这样的：据报道，Pump.fun计划通过公募和筹得Token销售筹集 10 亿美元，估值高达40亿美元。这一消息在Solana生态系统中引发了震动，导致避险行为激增。虽然官方尚未确认具体发行日期，但其社交账户上的暗示表明，可能在“两周内”会有动作——这与他们上次的说辞如出一辙。

事实上，这并不是Pump.fun第一次尝试推出Token。早在今年2月，他们曾考虑进行荷兰式拍卖，但当时特朗普及其妻子推出了自己的MemeCoin，吸引了所有的关注和流动性，Pump.fun 不得不暂时搁置计划。现在，尽管市场略有回暖，但仍未恢复到巅峰势头。那么，这次的Token发行能成功吗？这不是我们能轻易判断的——需要从市场的角度来看。

1-1 冷冰冰的数据截至6月4日，Pump.fun的累计收入已超过7.3亿美元。听起来很厉害，对吧？但先别急——自2月以来，其日收入已从高峰时期的近1500万美元大幅下降到仅几百万美元，实际上减少了一半。1-2 交易量在2024年末，Pump.fun 的周交易量创下了33亿美元的纪录高点。如今，即使能达到10亿美元的周交易量，都值得庆祝。简而言之，流动性和用户活跃度在最初的“热潮”后已严重枯竭。更令人担忧的是：每日创建的Token数量已从高峰时期的7万个下降到约3万个。这说明什么？用户对这个“掷骰子”游戏的兴趣正在减退。1-3 谁在真正赚钱？Pump.fun看似是通往财务自由的快车道，但现实远没有那么乐观。根据Dune数据，5月份约有59.4万个活跃钱包：

只有3.6%的用户赚了超过500美元的利润；

仅 0.1% 的用户赚了超过 1 万美元；

仅有27个钱包（约 0.0045%）净赚了超过10万美元。

与此同时，52.5%的用户亏了钱，有些人甚至亏损超过100万美元。

逻辑很简单：绝大多数用户都是少数赢家的“退出流动性”——就像赌场一样，每个人都以为自己会赢，但最终大多输得精光。

 

 

 02 

Solana 面临避险撤离

随着Pump.funToken传言的加剧，基于Solana的MemeCoin遭受了重创。在消息公布后的24小时内，主要的Solana MemeCoin纷纷录得亏损，Artemis 数据显示，Solana是所有链中净资本流出排名第三的区块链。

本质上，Pump.fun 的Token计划被视为一个即将来临的流动性黑洞——市场正在做出相应的反应。

 

 

 03 

40亿美元估值的争议

最有争议的问题是什么？那就是令人瞠目结舌的40亿美元估值。作为对比，Yuga Labs 在 APE Token推出时的估值与此相当。那么，Pump.fun如何能证明这样的高估值是合理的？

加密研究员@Haotian毫不留情地指出，这一估值“被严重高估”。他提出了四点批评：

注意力变现是短期游戏：建立在FOMO和投机之上，缺乏长期基本面支撑。

没有真正的护城河：一个新的Solana应用可以轻易取代它。

过度工程化损害Meme精神：Meme文化依赖于简单性——过多功能可能会扼杀其吸引力。

估值激励损害创新：当流量变现凌驾于真正技术之上，加密货币偏离了其初衷。

另一位 KOL @xingpt指出，Pump.fun的30天年化收入为7798万美元。以50亿美元的完全稀释估值（FDV）计算，其 FDV/收入比约为64——这是一个相当高的数字。相比之下，像 Raydium 和 PancakeSwap 这样的 DeFi 蓝筹项目盈利更稳定，但估值却更为保守，这凸显了 Pump.fun 的高风险。

 

 

 04 

但并非所有人都看空

也有支持者站出来发声。KOL @CryptoV认为，Pump.fun 在使Solana成为链上活动的主战场中发挥了关键作用。它解决了从零流动性到中心化交易平台（CEX）上市的全栈问题——就像链上的 iPhone。他认为，Pump.fun 抓住了注意力经济的两大关键指标：流动性和屏幕时间。

他还指出，以仅5的市盈率（P/E）计算，Pump.fun 实际上可能是一项价值投资。没有空投，没有内部游戏——只是纯粹的产品驱动的牵引力。从这个角度看，它比许多炒作驱动的项目更稳定。

 

 

 05 

小结

乍一看，Pump.fun 的Token计划可能只是另一个市场炒作事件。但在表面之下，隐藏着加密货币理念的更深层较量：价值体系、估值模型、注意力经济和可持续性。

短期内，该项目可能仍会引发一波短暂的热潮。但从长远来看，这种 FOMO 驱动的商业模式能否建立真正的防御能力，仍有待观察。如果它通过此次Token发行成功打造一个完整的Meme生态系统，或许它真能配得上“链上 iPhone”的称号。但如果这只是最后一次退出热潮，它留下的可能只是满目疮痍。

未来几周至关重要。这不仅是一次Token发行——它还是链上注意力经济机制的一场现场实验。

声明：本内容为作者独立观点，不代表 CoinVoice 立场，且不构成投资建议，请谨慎对待，如需报道或加入交流群，请联系微信：VOICE-V。

来源：白话区块链

Trending Cryptos

ctr
CitreaCTR
wstusdt
wrapped stUSDTWSTUSDT
apr
aPrioriAPR
audio
AudiusAUDIO
mantra
MantraMANTRA
xvs
VenusXVS
waxl
AxelarWAXL
bill
Billions NetworkBILL
pyth
PYTH (Pyth)PYTH
rune
THORChainRUNE
velodrome
Velodrome FinanceVELODROME
brev
BrevisBREV
zrx
ZRX（0X）ZRX
cake
PancakeSwapCAKE
jst
JUSTJST

Related Reads

Ethereum down 45% YTD – So why do SharpLink and whales keep buying?

Despite Ethereum (ETH) being down 20-45% year-to-date amid broader crypto weakness, institutional and whale buying activity suggests growing long-term conviction. SharpLink, after an eight-month pause, purchased 5,000 ETH and later added $45.54 million in LSETH, increasing its total holdings significantly despite substantial unrealized losses. Similarly, a new whale wallet accumulated over 18,000 ETH worth $28.9 million in nine days, indicating strategic positioning for future price movements rather than short-term trading. However, this accumulation contrasts with spot Ethereum ETFs, which saw net outflows of $12.85 million recently, highlighting a divergence between direct treasury/whale buyers and ETF investors. While the persistent buying from these large holders may gradually ease selling pressure, a sustained recovery for Ethereum still depends on a reversal in ETF flows and a broader improvement in network demand and market sentiment.

ambcrypto3h ago

Ethereum down 45% YTD – So why do SharpLink and whales keep buying?

ambcrypto3h ago

Just now, DeepSeek V4 updates with DSpark, improving inference speed by 80%

DeepSeek has updated its DeepSeek V4 model with the DSpark speculative decoding framework, achieving a significant 60-85% speedup in generation for Flash models and 57-78% for Pro models while maintaining the same overall throughput. This engineering-focused update, rather than a core architectural change, introduces DSpark to address latency and throughput bottlenecks in high-concurrency production environments. DSpark combines high-throughput parallel generation with adaptive load-aware verification. Its key innovations include a semi-autoregressive generation architecture to model dependencies within token blocks and a hardware-aware confidence-scheduled verification system. This system uses a confidence head to predict token acceptance probabilities, allowing it to dynamically optimize verification length per request and allocate compute only to tokens with the highest expected payoff. The asynchronous scheduler is designed for real-world deployment, ensuring zero-overhead scheduling and continuous CUDA graph replay while preserving the target model's output distribution. In tests across mathematical reasoning, code generation, and daily dialogue, DSpark outperformed state-of-the-art models like Eagle3 and DFlash, increasing average acceptance length by 26.7%-30.9% and 16.3%-18.4% respectively on Qwen3 target models. DeepSeek also open-sourced DeepSpec, a full-stack codebase for training and evaluating speculative decoding draft models, providing a standardized toolkit that includes data preparation tools, model implementations, training code, and evaluation scripts.

marsbit4h ago

Just now, DeepSeek V4 updates with DSpark, improving inference speed by 80%

marsbit4h ago

Can Aavenomics 3.0 sustain AAVE’s recovery rally amid Kraken buyout talks?

Aave Labs CEO Stani Kulechov has dismissed reports of a potential stake sale to Kraken, clarifying that Aave would not sell at a significant discount. He highlighted Aave's substantial annualized revenue and its focus on a broad financial market. Kulechov also announced plans for Aavenomics 3.0, featuring a new automated buyback mechanism. Following these updates, the AAVE token price surged 12%, extending its June recovery rally to over 50% from its recent lows. The rally is partly attributed to reduced selling pressure and positive sentiment from the announced tokenomics plan, despite the token remaining significantly below its all-time high.

ambcrypto5h ago

Can Aavenomics 3.0 sustain AAVE’s recovery rally amid Kraken buyout talks?

ambcrypto5h ago

BIT Research: The 2028 Halving Is Not the End, the Real Shake-Up of the Bitcoin Mining Industry Is Just Beginning

The Bitcoin mining industry is undergoing its most complex structural adjustment since inception. Despite Bitcoin's price holding near $61,000 and the network hash rate approaching a record 1 ZH/s, miner profitability is deteriorating. The industry is operating close to its breakeven point, with the 2028 halving expected to accelerate consolidation. The challenges extend beyond the halving's subsidy reduction; the industry's revenue model has yet to successfully transition towards a fee-driven structure. Increasingly, mining companies are evolving from simple Bitcoin producers into infrastructure and energy operators, including providers of AI/HPC computing power. Competition is shifting from pure hash rate expansion to business model upgrades. Economic pressure is evident. The theoretical daily mining revenue at current prices is around $78 million, yet the actual figure is only about $33 million—a 136% gap. Transaction fees remain low at roughly $220k daily, far below historical implied levels. With a current estimated industry-wide breakeven price near $65,000, mining alone is struggling to generate ideal profits. The 2028 halving is projected to push the fundamental production cost floor to approximately $93,289. This will likely accelerate a shift towards consolidation among larger, well-capitalized miners with diversified revenue streams. Competitive advantage will belong to institutionalized players with access to low-cost energy, AI/HPC hosting operations, and stronger balance sheets. In essence, Bitcoin mining is transitioning from a "mining business" to an "infrastructure business." Future profitability and resilience will depend less on block rewards and more on diversified income sources like energy management and computational infrastructure services. For investors, the key question is not the halving itself, but which miners can successfully navigate this business model transformation.

marsbit6h ago

BIT Research: The 2028 Halving Is Not the End, the Real Shake-Up of the Bitcoin Mining Industry Is Just Beginning

marsbit6h ago

This is How God Karpathy Uses Claude?

Andrej Karpathy, a prominent figure in AI, has reportedly joined Anthropic, leading to a noticeable decrease in his open-source contributions and social media activity. A document claiming to be his personal "CLAUDE.md" file—a set of instructions for the Claude AI to follow within a specific codebase—has been circulating online. While its authenticity is unverified, the content aligns closely with Karpathy's publicly shared principles on effective AI-assisted programming. The document outlines key rules for AI coding assistants, emphasizing the importance of reading existing code thoroughly before writing new code to maintain consistency. It advises against over-engineering, advocating for simple, surgical modifications that match the project's existing style. Other guidelines include clarifying assumptions upfront, writing meaningful tests, thoughtful debugging, and carefully considering dependencies. The core message is that these principles help prevent common AI coding failures, such as introducing unnecessary abstractions, style drift, or making invisible architectural decisions. The community has noted that even experts like Karpathy require detailed instructions to guide AI effectively, akin to managing a junior developer. A related GitHub repository, "andrej-karpathy-skills," which encapsulates these ideas, is reported to significantly reduce Claude's code error rate. Ultimately, the advice stresses that the best CLAUDE.md is tailored to one's own tech stack and coding practices.

marsbit6h ago

This is How God Karpathy Uses Claude?

marsbit6h ago

Trading

Spot

Hot Articles

Discussions

Welcome to the HTX Community. Here, you can stay informed about the latest platform developments and gain access to professional market insights. Users' opinions on the price of MEME (MEME) are presented below.

活动图片

Top Questions