Weekly Market Highlights Review [6.3 - 6.7]: Pump.Fun issue coin and Analysis of Korean New Policies

This week, the cryptocurrency market is generally in a state of fluctuation, seeking direction, mainly experiencing a rebound and decline. On the positive side, an exchange platform's ecosystem token has seen a general rise due to a liquidity promotion activity, and the phone conversation between Trump and Xi Jinping has released signals for peace talks. On the negative side, concerns are mainly focused on steel tariffs and the dispute between Trump and Musk, while interest rate cuts have yet to materialize. This article will focus on the issue coin of Pump.Fun and the cryptocurrency policies of South Korea and Singapore.

1. Pump.Fun issue coin

On June 4th, sources revealed that Pump.Fun plans to conduct a $1 billion token sale at a valuation of $4 billion, targeting both public and private investors, possibly to be issued within the next two weeks. This news quickly sparked widespread discussion in the market.

1.Issue Coin Opportunity

• Market Liquidity

In early 2025, Trump and Argentine President Milei successively issued tokens, attracting significant market attention, but also quickly draining the market liquidity at the time. Data shows that a large number of buyers of these tokens were new users purchasing Solana-based tokens for the first time. These two events led to a spread of panic in the market, with many investors pulling out funds, resulting in an overall decrease in liquidity.

• Competition among platforms intensifies

Pump.Fun has long held a monopolistic position in the Solana meme track, but its business strategies and impact on the Solana ecosystem have triggered the rise of competitors. Data shows that Pump.Fun's market share has plummeted from 98% to 56.2%, with emerging platforms like LetsBonk and Launchlab quickly eating into its market.

• The meme craze fades and income plummets

The trading volume on Pump.Fun dropped from $118.9 billion in January 2025 to $25.1 billion, a decrease of 79%. The platform's daily revenue also saw a significant decline, generating only $46.6 million in May, down 42.85% from January. This indicates that interest in speculative meme coins is rapidly waning.

2. Valuation Analysis

Since its launch in March 2024, Pump.Fun has accumulated nearly $700 million in revenue. Based on a valuation of $4 billion and an annualized revenue of about $440 million, its P/S ratio is 9.1. This valuation is within a reasonable range, but given the continuous decline in revenue and increasing market competition, there are still risks of being overvalued. It is recommended to closely monitor its revenue recovery, the execution of its token sales, and the overall performance of the Solana ecosystem.

2. Policy Regulation

1. South Korea's new president Lee Jae-myung's cryptocurrency policy commitments

Lee Jae-myung promises to promote the development of cryptocurrency ETFs and Korean won stablecoins:

• Support the legalization of Bitcoin and cryptocurrency spot ETFs
• Plan to launch a stablecoin anchored to the Korean Won
• Guide national institutions such as national pension funds to allocate crypto assets
• Optimize regulation, reduce trading tax burden and fees, attract more market participants

These policies aim to integrate the South Korean cryptocurrency market with the global market, enhance financial sovereignty, and provide investors with more options.

2. Singapore strengthens regulation of cryptocurrency services

The Monetary Authority of Singapore ( MAS ) announced that, starting from June 30, 2025:

• Cryptocurrency service providers that have not obtained a DTSP license must stop providing services to overseas customers.
• Broadly define "business premises" and "digital token services"
• Without a transition period, MAS will strictly approve DTSP licenses.

This marks Singapore's shift from being "crypto-friendly" to strong regulation. In the short term, it may lead to small and medium-sized projects withdrawing or merging with larger institutions. In the long term, it may enhance market trust, but it could weaken Singapore's appeal as a Web3 innovation hub.

3. JPMorgan Accepts Bitcoin ETFs as Loan Collateral

JPMorgan plans to allow clients to use Bitcoin ETFs as loan collateral, this move:

• Enhanced the financial attributes of Bitcoin, transforming it from "static asset" to "liquid capital"
• Improved the capital utilization, valuation premium, and market demand of Bitcoin ETFs.
• Indicates that crypto assets are being recognized as legitimate investment tools by mainstream financial institutions.

This may encourage other large banks to follow suit, further enhancing the institutional acceptance of crypto assets.