On Tuesday, a pseudonymous X account claimed that Pump.fun, Solana’s breakout memecoin launchpad, would raise $1 billion via an ICO at a $4 billion valuation. The potential deal? Multiple CEX listings, a 10% community airdrop, and maybe even a launch by the end of the month.

The community reaction? Not great.

In this episode, Syncracy Capital’s Ryan Watkins joins to break down the backlash, whether the raise makes sense, and what this kind of fundraising says about the current state of crypto.

He discusses:

• Whether Pump needs $1 billion and what they’d even do with it
• Why some people are furious, even as Pump prints revenue
• If this is bullish or bearish for Solana
• Why an airdrop was not pursued
• Whether the $4 billion valuation makes sense

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• Ledn
• FalconX
• Human Rights Foundation

• Ryan Watkins, Co-founder of Syncracy Capital

• Unchained: Pump.fun Mulls $1B Token Sale
• Nextfckingthing’s tweet breaking the news 
• Ansem’s tweet on “pump fun raising $1B at $4B after Trumpcoin launch is like the second plane hitting the towers”
• Ansem’s poll
• Ryan’s tweet on “Pump anger” 
• Solojay tweet on Pump’s top 25 wallets
• Mosi’s tweet on why “Pump's ICO seems like an asymmetric bet (skewed to the downside)”

Timestamps:

👋 0:00 Intro

🤔 4:03 Why skepticism around Pump.fun’s $1B raise is valid

💰 7:06 What Pump would even do with $1 billion

📈 21:17 Whether a $4B valuation actually holds up

🔥 24:08 Will this ICO hurt SOL?

🎁 27:05 Why Pump chose not to do a big airdrop

📱 28:56 Whether Pump.fun can hold its ground as SocialFi competition heats up

Learn more about your ad choices. Visit megaphone.fm/adchoices