Earning Millions Per Day, Why Can't It Save PUMP's Bearish Downtrend?

Foresight NewsPublished on 2026-07-15Last updated on 2026-07-15

Abstract

Despite generating millions in daily revenue, the native token of Solana-based memecoin launchpad Pump.fun, PUMP, is struggling amidst a major token unlock and a bear market. On July 14, 2026, 8.25% of the total supply (825 billion tokens worth ~$131.35M) was unlocked for teams, advisors, and private investors, representing roughly 20% of the pre-unlock circulating supply. This event tests PUMP's core value mechanism: using 50% of net protocol fees to buy back and permanently burn tokens, a reduction from the initial 100% policy. While Pump.fun is one of Web3's most profitable applications, with ~$94.17k in average daily revenue over 90 days, the token's price has fallen significantly from its peak. Analysts point to the halved buyback pressure, ongoing legal challenges in the US labeling the platform an "illegal digital casino," and PUMP's inherent volatility and "casino gene" as key factors deterring institutional investment and weakening price support against the unlock sell-pressure. The token's long-term trajectory is seen as dependent not on this single unlock event, but on Pump.fun's ability to sustain its high revenue, which fuels the token's buyback-and-burn scarcity model.

Author: Ma He, Foresight News

On July 14, 2026, the native token PUMP of Pump.fun experienced its first large cliff unlock after TGE. According to cross-verification from Tokenomist, on-chain monitoring, and multiple data platforms, the theoretical maximum number of tokens unlocked on that day was 82.5 billion, accounting for 8.25% of the total supply (1 trillion tokens), valued at approximately $131.35 million (calculated at the price of about $0.00159 at the time), equivalent to about 20.23% of the circulating supply before the unlock.

This was the first unlock for two major allocation categories: team/advisors and private investors, with private investors unlocking 32.5 billion tokens, and the team and advisors unlocking 50 billion tokens.

In the early hours of July 15, according to on-chain tracking data from Arkham, 57.279 billion tokens were unlocked and distributed to 121 wallets. PUMP's current market cap is approximately $650 million, with an FDV of about $1.6 billion.

Earning $20 Million Monthly, $940,000 Daily

This event occurred against the backdrop where Pump.fun has become one of the most profitable applications on Solana and even in the entire Web3 ecosystem. Over the past 30 days, the platform's protocol revenue reached $24.52 million (DefiLlama data), second only to Hyperliquid's $43.93 million and higher than Polymarket's $22 million. Cumulative revenue has exceeded $1.05 billion, with over 12 million tokens issued.

Even in a deep bear market environment, Pump.fun's weekly revenue currently remains around $5 million.

However, such substantial revenue does not seem to have created a positive cycle for its token price. PUMP has fallen from a peak of $0.008980 to around $0.001628, where it has been fluctuating.

What is the real issue?

The core value capture mechanism of Pump.fun is the use of protocol fees to buy back and permanently burn PUMP tokens. According to its official platform data, its annualized revenue currently stands at $343.71 million, with an average daily revenue of $941,700 over the past 90 days. The cumulative buyback and burn amount has reached $408.15 million, with the cumulative number of tokens burned accounting for 15.029% of the total supply.

Pump started after its TGE in July 2025: Initially, 100% of net protocol fees (revenue from bonding curve, PumpSwap, Terminal cross-chain, etc., minus referral fees and cashback) were used to buy back and burn PUMP on the open market.

Adjusted on April 28, 2026: Switched to programmatically locking 50% of net revenue for buyback and burn, lasting one year; the other half is used for recruitment, marketing, and product development. All repurchased tokens are permanently burned, not locked. This constitutes PUMP's core flywheel, distinguishing it from most meme or platform tokens—the more profitable the platform, the scarcer the token supply.

However, the scale and duration of the buyback have sparked significant controversy. PUMP now allocates only 50% of net revenue for buyback and burn, a sharp reduction from the previous 100%, leading to a dramatic drop in buying support. Compared to HYPE, which uses nearly 99% of fees for buyback, and Lighter, which recently started using all revenue for buyback and burn, PUMP's buyback appears insufficient given a similar revenue scale, making it difficult to offset unlocking selling pressure, and consequently, the price remains weak.

Additionally, Pump.fun is currently facing a class-action lawsuit. U.S. plaintiffs have characterized it as an "illegal digital casino." Under such intense compliance pressure, cutting the buyback by 50% and reallocating significant funds to the treasury for hiring a "$5 million salary Chief Legal Officer" represents the team sacrificing the interests of secondary token holders to fund compliance costs for their own political risk mitigation.

Furthermore, after the one-year period ends, whether the buyback will continue remains a huge question mark.

A deeper reason lies in PUMP's "casino DNA." It is essentially a Meme launch platform, filled with PVP gambling and casino culture, characterized by extreme volatility, lowbrow narratives, and almost zero willingness from institutional funds to buy or HODL long-term. Compliance risks, reputational pressures, and a lack of real utility keep mainstream capital at bay. Relying solely on retail and speculative funds to support the price, any major unlock inevitably reveals weak liquidity and buying capacity.

Can the Market and Buyback Absorb the Massive Selling Pressure?

On-chain observations show that on the day of the unlock and the following day, some distribution wallets have already seen transfers. While this hasn't triggered a crash, short-term volatility and liquidity tests are inevitable. Moreover, PUMP's utility remains relatively weak (primarily for ecosystem incentives and potential governance). The market views it more as a "revenue-sharing certificate" rather than a strictly utility token, which amplifies sensitivity to selling pressure in a bearish market sentiment.

Compared to similar high-revenue protocols: Hyperliquid has higher monthly revenue but a market cap of nearly $15 billion (about 20+ times that of PUMP); Polymarket has similar revenue but hasn't issued a token, with a funding valuation already at the $15 billion level. The sustainable revenue capabilities of these two have been proven, while Pump.fun's revenue could sharply decline if the market turns bearish and meme coins wither.

However, this unlock is not a "one-time death sentence." The team and investors have a three-year vesting period, meaning tokens are not all sold immediately. Historical experience shows that some project teams and early investors may choose to hold or sell slowly to maintain reputation and long-term interests. Meanwhile, tokens unlocked for ecosystem incentives and the foundation can be used for growth rather than purely for selling pressure. Pump.fun has expanded from a single launchpad to include PumpSwap, multi-chain support, livestreaming, etc., forming a more complete ecosystem. As its native token, PUMP directly benefits from platform expansion.

The 82.5 billion token unlock is the real stress test for PUMP transitioning from the "100% buyback honeymoon phase" to a "sustainable but more restrained" stage. In the short term (weeks to 1-2 months), the struggle between selling pressure and buyback intensity will determine price volatility. If the market can absorb it well without liquidity drying up, it might even strengthen the narrative of high-revenue protocol tokens.

Long-term, what determines PUMP's fate is not a single unlock event, but whether Pump.fun can consistently generate revenue as a core infrastructure for the meme economy. As long as the revenue flywheel keeps turning, buybacks and burns will continue to compress supply. Conversely, any significant drop in revenue would make future unlocks a real burden.

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September 2025: The official launch of Ondo Global Markets includes CRMON alongside other tokenised equity offerings, marking a significant evolution in Ondo Finance's product ecosystem. This timeline highlights the organisation's rapid growth and its capability to adapt its technological and compliance frameworks to accommodate different asset classes effectively while maintaining security and regulatory integrity. Regulatory Framework and Compliance Approach Ondo Finance's regulatory framework showcases a sophisticated compliance strategy, essential for achieving institutional adoption in the tokenised securities market. The company's strong partnerships with U.S.-registered broker-dealers promote adherence to Securities and Exchange Commission regulations and apply robust investor protections. Acquisitions, such as Oasis Pro—a registered broker-dealer—significantly enhance Ondo Finance's compliance capabilities, ensuring thorough alignment with existing regulatory structures. The company employs independent verification procedures that foster transparency, aiming for a solid performance standards reputation. Furthermore, Ondo Finance's commitment extends to international regulatory compliance, ensuring token access remains restricted to eligible investors while adhering to pertinent cross-border securities regulations. Comprehensive attention to tax implications and reporting requirements fortifies the security and compliance landscape of CRMON, ensuring that investor obligations remain manageable. Future Prospects and Market Positioning The forward-looking landscape for CRMON and Ondo Finance illustrates substantial growth opportunities driven by institutional adoption of blockchain technology and escalating demand for efficient alternatives to conventional securities ownership. Market projections indicate the tokenised asset sector could value multiple trillion dollars by 2030. With plans to scale CRMON offerings significantly and integrate it with a dedicated blockchain infrastructure—Ondo Chain—Ondo Finance aims to elevate its institutional-grade tokenised asset operations. Additionally, the development of strategic partnerships enhances distribution capabilities while establishing the company's credibility in the financial market. Furthermore, the integration of tokenised equity with decentralised finance protocols offers new potential for innovative financial products and strategies previously impossible with traditional securities. These factors underscore CRMON's positioning to effectively capture increased market share and deliver innovative solutions for international investment exposure. Conclusion Salesforce Tokenized Stock (CRMON) symbolises a transformative development within financial markets, successfully bridging traditional equity ownership with blockchain technology to create unprecedented accessibility for global investors. Through Ondo Finance's sophisticated tokenisation framework, CRMON provides complete economic exposure to Salesforce equity performance while enhancing operational advantages that exceed traditional ownership. The launch of CRMON reflects the broader evolution of financial markets towards blockchain infrastructures that maintain regulatory compliance while delivering increased efficiency. Ondo Finance's extensive approach to regulatory adherence, institutional-grade security, and technological innovation solidifies CRMON as a model for future tokenised securities, delivering access previously unattainable in conventional brokerage structures. As the tokenised asset sector continues to develop, CRMON is well-positioned to address historical inefficiencies in capital markets while providing investors with innovative solutions for accessing traditional securities. The outlook for CRMON looks exceptionally promising, supported by ambitious expansion plans, technological innovations, and strategic partnerships, thereby representing a pioneering model of modern financial infrastructure evolving through blockchain integration.

3.5k Total ViewsPublished 2025.12.05Updated 2025.12.05

What is SHOPON

Shopify Tokenized Stock (Ondo): A Comprehensive Analysis of Real-World Asset Tokenization in Web3 This article delves into the Shopify Tokenized Stock (Ondo), recognised by its ticker symbol $SHOPON, exploring its implications at the intersection of traditional finance and blockchain technology. As a part of Ondo Finance's tokenized securities platform, Shopify’s tokenized stock exemplifies advancements in democratizing access to global capital markets through innovative digital assets. Introduction and Overview of Shopify Tokenized Stock (Ondo) Shopify Tokenized Stock (Ondo), or $SHOPON, portrays a pivotal innovation in the realm of tokenized securities, allowing investors to gain economic exposure akin to directly owning shares of Shopify Inc. This token, developed under the umbrella of Ondo Finance, not only provides investors with the ability to hold digital representations of the company’s stock but also integrates features such as automatic reinvestment of dividends. This advancement represents a substantial shift in the landscape of decentralized finance (DeFi), linking conventional equity markets with blockchain solutions designed to enhance accessibility, transparency, and liquidity. By eliminating geographical barriers and enabling 24/7 trading capabilities, $SHOPON is positioned as a bridge connecting traditional financial instruments and the emerging Web3 ecosystem. What is Shopify Tokenized Stock (Ondo), $SHOPON? The $SHOPON token serves as a digital manifestation of Shopify Inc.'s shares, engineered to provide a direct correlation to the underlying asset's performance. Through the utilization of blockchain technology, the token gives holders a mechanism to participate in the economic benefits associated with equity ownership, including capital appreciation and dividend distribution. The unique aspect of $SHOPON lies in its automatic dividend reinvestment mechanism, which allows returns to compound without necessitating active management by the investor. This feature inherently enhances its attractiveness as an investment vehicle, particularly for individuals seeking passive income growth alongside exposure to high-performing equities. The tokenization process is facilitated by the custody of actual Shopify shares through regulated intermediaries, ensuring that every $SHOPON token is verifiably backed by real equity. This structure empowers investors with the dual advantages of both traditional financial characteristics and the innovative benefits tied to blockchain technology. Who is the Creator of Shopify Tokenized Stock (Ondo)? The creator of Shopify Tokenized Stock (Ondo), Nathan Allman, is an experienced figure in the finance sector, formerly associated with Goldman Sachs. His rich background includes significant expertise in digital asset development, bridging the gap between traditional finance and cryptocurrencies. Allman’s educational journey, marked by studies at Brown University, provided him with a deep understanding of economics and biology, equipping him with analytical skills that inform his strategic vision. In 2021, he founded Ondo Finance, committing to developing tokenized securities that meet institutional-grade standards while leveraging blockchain's transformative capabilities. Under Allman's leadership, Ondo Finance has focused on creating compliant and innovative financial products that empower a diverse investor base. Who are the Investors of Shopify Tokenized Stock (Ondo)? The investment landscape surrounding Shopify Tokenized Stock (Ondo) is notably robust, underpinned by significant institutional support. Primarily, Pantera Capital stands out as a strategic partner through the Ondo Catalyst initiative, a $250 million commitment aimed at accelerating the development of on-chain capital markets. This partnership not only signifies institutional confidence in the potential of tokenized assets but also reinforces Ondo Finance's operational capabilities and market positioning. The funding pathways have included earlier rounds that amassed millions in seed funding and further structural investments, solidifying relationships with both venture capital firms and private investors. Moreover, the financial framework is complemented by strategic partnerships with established financial institutions and technology companies, enhancing Ondo’s infrastructure and operational expertise. How Does Shopify Tokenized Stock (Ondo), $SHOPON Work? At the core of $SHOPON's operational framework is a sophisticated system integrating traditional finance mechanisms with blockchain technology. The custody of actual Shopify shares ensures that token holders retain authentic economic exposure, safeguarding their investments in line with recognized legal structures. The smart contracts employed in managing $SHOPON handle various functions, including automatic dividend reinvestment and ownership transfer, offering instant settlement and increased liquidity, marking a significant departure from conventional trading systems plagued by multi-day settlement delays. By providing interoperability with other decentralized finance applications, $SHOPON empowers holders with potentially lucrative opportunities for advanced investment strategies, including lending and automated market making. This complex integration presents a unique value proposition, catering to both traditional and crypto-native investors. The innovative structure of $SHOPON also allows for real-time settlements and transactions documented on the blockchain, delivering unparalleled transparency and security—a major advancement over standard equity trading practices. Timeline of Shopify Tokenized Stock (Ondo) March 2021: Nathan Allman establishes Ondo Finance, initially focusing on decentralized finance yield optimization. August 2021: Completion of a $4 million seed funding round led by Pantera Capital. January 2023: Launch of initial tokenized treasury security products, laying the groundwork for future equity tokenization. July 2025: Announcement of the Ondo Catalyst initiative, a strategic investment program valued at $250 million, aimed at propelling the development of tokenization in capital markets. September 3, 2025: Launch of Ondo Global Markets featuring over 100 tokenized U.S. stocks and ETFs, including $SHOPON. Technical Implementation and Blockchain Infrastructure Shopify Tokenized Stock (Ondo) operates on a technical architectural framework that marries blockchain protocols with traditional financial custody arrangements. The ecosystem leverages Ethereum's smart contract capabilities, providing seamless transaction management while ensuring compliance with regulatory standards through established financial custodians. Central to this architecture are security measures and transparent transaction records that affirm the legitimacy of each tokenholder's economic stake. With automated features managed by intricate smart contracts, $SHOPON not only streamlines ownership transfers but also allows for the tactical reinvestment of dividends—a hallmark of modern investment strategies. Moreover, the incorporation of LayerZero technology facilitates cross-chain interoperability, making $SHOPON accessible across multiple blockchain environments while preserving its functional robustness. This forward-thinking technical design positions $SHOPON as an adaptable asset within the larger DeFi milieu. Regulatory Framework and Compliance Architecture $SHOPON's regulatory framework is built upon the meticulous navigation of existing financial regulations that govern securities. The custody arrangements for the underlying Shopify shares are managed by U.S.-regulated broker-dealers, ensuring compliance and protection for investors. By maintaining a separation between the blockchain tokenization process and traditional custody, $SHOPON adheres to legal requirements while offering innovative functionalities that challenge conventional constraints. This dual-layered compliance approach enhances investor confidence and underscores Ondo Finance's commitment to regulatory integrity. Notably, the availability of $SHOPON is tailored to international investors from regions such as Asia-Pacific, Europe, and Africa, as regulatory parameters in the U.S. and U.K. present challenges in accessing tokenized securities. Market Access and Global Distribution Strategy The distribution strategy of $SHOPON is keenly designed to optimize global access while conforming to regulatory standards. The platform aims to establish comprehensive coverage for eligible investors across multiple regions, effectively dismantling traditional barriers through the implementation of blockchain technology. Integration with various cryptocurrency wallets and exchanges also promotes user-friendliness and accessibility, establishing a streamlined experience for investors to manage their holdings. Moreover, the 24/7 trading capabilities afforded by the tokenized model allow participants to react promptly to market shifts, fundamentally transforming how global equities are accessed and traded. Technology Integration and Cross-Chain Functionality The remarkable technological underpinnings of $SHOPON propagate its multi-chain functionality, set to expand its reach beyond Ethereum to networks such as Solana and BNB Chain. Such cross-chain capabilities allow users flexibility when navigating between blockchains, concurrently leveraging distinct network attributes to optimize their trading experience. LayerZero serves as the backbone for ensuring decentralized transfers between networks while providing the requisite security and speed, quintessential for maintaining investor trust. This comprehensive interoperability illustrates $SHOPON's commitment to being a versatile, user-centric asset in the evolving investment landscape. Ecosystem Integration and DeFi Compatibility Incorporating $SHOPON into broader DeFi protocols signifies its potential beyond traditional stock ownership. Token holders can leverage their holdings for various sophisticated strategies and applications, enhancing investment returns and liquidity management. By establishing a presence in lending protocols and automated trading systems, $SHOPON effectively democratizes access to advanced financial strategies previously limited to institutional investors. Such integration contributes to a more competitive and dynamic financial landscape, where individual investors can capitalize on tools typically reserved for larger entities. Risk Management and Security Framework Security remains paramount in the operational infrastructure of $SHOPON. The tokenization framework employs multiple layers of protection—beginning with regulated custody of the underlying Shopify shares. The operational protocols establish rigorous auditing, key management, and transaction monitoring standards, thus safeguarding against potential vulnerabilities. Moreover, meticulous adherence to evolving regulatory requirements provides an extra layer of security, fortifying investor protections and institutional compliance. Market Impact and Industry Implications The introduction of Shopify Tokenized Stock (Ondo) heralds a transformative shift in how financial markets operate, emphasizing the potential of tokenized securities to reshape traditional investment paradigms. The successful integration of $SHOPON encapsulates the efficiencies inherent in blockchain technology and opens avenues for new user demographics previously barred from extensive market participation. The impact extends beyond the immediate benefits to token holders, indicating broader trends that may challenge the status quo of investment services, particularly in addressing geographic restrictions and operational costs typically associated with traditional brokerage platforms. Undeniably, $SHOPON encapsulates the potential for traditional institutions to innovate further, leveraging the increasing demand for seamless blockchain access to complement existing financial infrastructure. Future Development Roadmap and Strategic Vision As Ondo Finance looks forward, the trajectory of $SHOPON rests on ambitious goals aimed at broadening the spectrum of available tokenized assets significantly. Over the next few years, plans are in place to expand to more than 1,000 tokenized securities, further enhancing market participation and investment options for individuals worldwide. Continued integration with traditional financial actors, development of specialized institutional products, and enhancements in automated trading capabilities will ensure that $SHOPON maintains its position at the forefront of financial innovation. Regulatory collaboration will also remain a focal point, establishing a framework that not only supports the compliance requirements but also promotes a healthy environment for tokenized asset proliferation. Conclusion and Market Significance In summary, Shopify Tokenized Stock (Ondo), represented by the ticker $SHOPON, is more than merely a tokenized equity offering; it embodies the innovation possible when traditional finance collides with modern blockchain applications. With a robust technical architecture, a commitment to compliance, and a clear strategic vision, $SHOPON exemplifies the potential for tokenized assets to enhance liquidity, accessibility, and functionality in capital markets. As the global investment landscape evolves, the transformative implications of $SHOPON extend beyond individual investors to revolutionize how financial instruments are perceived, traded, and utilized within both traditional and decentralized frameworks.