The rumor mill spun faster following a report from Blockworks that cited unnamed sources, claiming that the launchpad — renowned for its quick token creation feature — is gearing up to raise $1 billion through a token sale. The same report alleged that the token would carry a hefty $4 billion valuation, as confirmed by three different sources.

However, Pump.fun remains tight-lipped, neither confirming nor denying the circulating rumors. No official details have been disclosed about the token’s utility or launch specifics. When approached for a statement, Pump.fun remained unresponsive by the time of publication.

The crypto community has shown mixed responses to these rumors. While crypto influencer Ansem is eagerly awaiting the token’s potential listing on decentralized exchange Hyperliquid, social media figure Ash Crypto critiqued Pump.fun for turning altcoin traders into memecoin gamblers, claiming that the platform has already “extracted” $700 million while leaving most investors in the red.

According to data from DefiLlama, as of June 4, Pump.fun has raked in total revenues nearing $677 million. As the rumors circulate, the platform has seen its monthly revenue drop by 66%, earning $46.6 million in May, down from January’s $137 million. The rumors are also taking place amidst a slowdown in the memecoin market, causing traders to question the sustainability of memecoins after witnessing significant declines in their value. Data from CoinMarketCap shows that the total market cap for meme-based tokens has suffered a $64 billion loss on June 4, a steep 54% fall from December’s $137 billion.

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This development comes after a sequence of erratic posts by West, including some hinting at his newly found fascination with digital currencies. In one of his posts, West queried, “WHEN PEOPLE MAKE ALL THAT MONEY WITH A COIN IS THAT CASH OR CONCEPT.”

The rapper’s controversial social media activity, which also included certain distasteful remarks, did not deter cryptocurrency enthusiasts and firms from encouraging him to “launch a coin.” Streamer Faze Banks even suggested that West is one of the few individuals who could successfully introduce a new coin.

West further revealed that he had turned down a $2 million offer to launch a token, which he saw as a potential scam against his community. He shared a screenshot of a direct message from an unidentified contact proposing the deal.

Following West’s posts, prediction market Polymarket reported a surge in the odds of West launching a token, increasing to 46%. The market has been tracking the likelihood of West introducing a memecoin, with the odds mostly remaining under 30%.

West wouldn’t be the first celebrity to venture into crypto. Recently, David Portnoy endorsed what he referred to as a “sh*tcoin” to his large social media following. It’s also worth noting that during the Biden administration, the Securities and Exchange Commission Enforcement Division pursued several celebrities for unpaid crypto endorsements, including West’s ex-wife Kim Kardashian for promoting Ethereum MAX.

Disclaimer: The Block is an independent media outlet providing news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently, delivering objective and timely information about the crypto industry. The information provided in this article is for informational purposes only and is not intended as legal, tax, investment, financial, or other advice.

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