SecondLane has listed an equity interest in memecoin protocol Pump.fun at a fully diluted valuation (FDV) of $1.5 billion, according to its platform.

The private markets trading platform listed the 1% equity stake in Pump.fun for $15 million on SecondLane’s web app and on a Telegram channel where SecondLane announces new offerings.

The popular Solana ( SOL ) memecoin platform has not yet launched a native token. It has previously taken equity investments from Alliance DAO, Big Brain Holdings, and 6th Man Ventures, according to data from Pitchbook .

SecondLane shops Pump.fun equity stake at $1.5B FDV image 0

Source: SecondLane

Related: Pump.fun teases future token and reveals new trading terminal

In October, the team behind Pump.fun tipped plans for a future token release and a newly upgraded trading terminal, dubbed “Pump Advance.” No specific timeline for the future token launch was given by the Pump team.

According to DefiLlama, Pump.fun was the eighth highest-earning blockchain protocol, ranking just below giants such as Circle, USD Coin’s ( USDC ) issuer, and Uniswap, the decentralized exchange (DEX). In the past 30 days, Pump.fun generated $86 million in fee revenue.

SecondLane shops Pump.fun equity stake at $1.5B FDV image 1

Source: CoinGecko

Pump.fun’s performance comes from a memecoin trading frenzy that has largely taken place on Pump.fun’s native Solana, a layer-1 blockchain. Its cumulative fee revenues exceed $225 million, according to DefiLlama.

Fuelled by venture capital funding and political speculation, memecoins now command upward of $122 billion in market capitalization, according to CoinGecko.

Pump.fun promises to let users “launch a coin that is instantly tradeable for under $2 in one click,” and its “For You algorithm uses your past actions on pump dot fun to curate a feed that changes in real-time,” according to the platform’s X account .

Data from Dune Analytics revealed roughly 98% of prospective memecoins on the Pump.fun platform never successfully launch .

Memecoins have drawn mixed reactions from the crypto community. Some influencers, like Murad Mahmudov,  argue  that memecoins provide a legitimate use case for crypto by removing the speculation premium from altcoins.

Others, such as Jimmy Song,  believe  that memecoins are a net negative for investors and represent the height of speculative gambling.

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