Unchained

Solana’s most viral app wants to raise $1 billion. But the crypto community isn’t completely sold on the pitch.
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