Weekly Market Highlights Review 【6.3 - 6.7】: Pump.Fun issue coin and Analysis of South Korea's New Policies

This week, the cryptocurrency market is generally in a game of oscillation seeking direction, mainly characterized by rebounds and declines. On the positive side, the ecosystem token of a certain trading platform has risen sharply due to liquidity promotion activities, and the phone talks between Trump and Xi Jinping have hinted at the direction of peace talks. The negative aspects mainly focus on steel tariffs and the debate between Trump and Musk on Friday, while interest rate cuts have been delayed. This article will focus on analyzing the issue coin of Pump.Fun and the cryptocurrency policies of South Korea and Singapore.

1. Pump.Fun issue coin

On June 4th, there were reports that Pump.fun plans to conduct a $1 billion token sale with a valuation of $4 billion, targeting both public and private investors, possibly issuing within the next two weeks. This news quickly sparked widespread discussion in the market.

1. Coin Issuance Opportunity

• Market Liquidity

In January and February 2025, Trump and Argentine President Milei issued tokens one after another, triggering a massive meme craze, but also quickly consuming market liquidity. These two events led many investors to withdraw from the cryptocurrency market, resulting in an overall decline in liquidity.

• Platform Competition

Pump.Fun once held a monopoly in the Solana meme track, but the entry of Believe and LetsBONK.fun quickly eroded its market share. In early May, Pump.fun's daily token market share sharply dropped to 56.2%, facing real competition for the first time.

• The decline of the meme craze and a sharp drop in income

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 revenue in May was $46.6 million, down 42.85% from $137 million in January.

2. Valuation Analysis

The high valuation of Pump is mainly based on its cash flow revenue. Since its launch in March 2024, the cumulative revenue has approached $700 million. Measured by P/S (price/sales ratio), Pump.fun's P/S ratio is 9.1, based on a $4 billion valuation and approximately $440 million annualized revenue.

Overall, the current valuation of 4 billion carries a high risk, especially in the context of continued low revenue or further competition eroding market share. It is recommended to closely monitor its revenue recovery situation, the execution effectiveness of token sales, and the overall performance of the Solana ecosystem.

2. Policy Regulation

1. The new president of South Korea promotes cryptocurrency policies

Newly elected South Korean President Lee Jae-myung promises to promote the development of crypto ETFs and the Korean won stablecoin:

• Support the legalization of Bitcoin and cryptocurrency spot ETFs
• Plan to launch a stablecoin pegged to the Korean Won
• Guide national institutions such as the National Pension Fund to allocate crypto assets
• Optimize regulation, possibly amend the "Specific Financial Transaction Information Act" to enhance the operational efficiency of exchanges.

2. Singapore Tightens Crypto Regulations

Singapore's financial regulatory authority will ban unlicensed overseas cryptocurrency services:

• All cryptocurrency service providers registered or operating in Singapore must obtain a DTSP license by June 30, 2025, or cease providing services to overseas customers.
• The definition of "business premises" is broad and may affect overseas employees working from home.
• Digital token services are defined broadly, covering multiple aspects such as token issuance, trading, custody, and consulting.
• New regulations take effect immediately, with no transition period, and MAS will approve DTSP licenses with "extreme caution".

This regulatory change marks Singapore's shift from "crypto-friendly" to strong regulation. In the short term, small and medium-sized projects may withdraw or merge with large institutions due to high compliance costs. In the long term, the new regulations may enhance market trust, but could weaken Singapore's appeal as a Web3 innovation hub.

3. JPMorgan Accepts Bitcoin ETF as Loan Collateral

JPMorgan plans to allow clients to use Bitcoin ETFs as collateral for loans, a move that will significantly enhance the financial characteristics of Bitcoin, transforming it from a "static asset" to "liquid capital." This not only improves the capital utilization rate and valuation premium of Bitcoin but may also encourage other banks to follow suit, further increasing institutional acceptance of crypto assets.