Blockworks Research Values Solana (SOL) Token PUMP at Up to $0.0205

Blockworks Maps Three PUMP Scenarios

Blockworks Research analyst Shaunda Devens has published a valuation breakdown for PUMP, the native token of Pump.fun, one of the most closely watched memecoin launchpads in the Solana ecosystem, arguing the token currently trades below its revenue-backed value. The framework runs PUMP through bear, base and bull scenarios built on price-to-sales multiples: 1.5x–2.8x in the bear case, 3x–5x in the base case and 5x–10x in the bull case. Weighted at 25% bear, 50% base and 25% bull probabilities, the scenarios produce a blended valuation band of $0.0108 to $0.0205 — roughly 2.3x to 4.4x above the token's current price of $0.0037. The revenue foundation behind those multiples is substantial: Pump.fun's annualized revenue has reached $677 million against a price-to-sales ratio of just 2.8x, while cumulative revenue since 2024 has climbed to about $1.37 billion. Devens also notes the platform is no longer purely a venue where new tokens debut; it is maturing into a broader consumer ecosystem where users actively trade, often absorbing meaningful slippage on fast-moving pairs — a shift that supports the higher-multiple scenarios. The key sensitivity, the analyst stresses, is market activity: revenue rises and falls with trading volume, and stronger activity both lifts platform earnings and lays the groundwork for a richer valuation multiple, dynamics typical of a bull market phase. The downside case is explicit: if market conditions deteriorate and on-platform activity fades, PUMP could slide to $0.0011–$0.0019, a 50% to 75% drawdown from current levels. The platform's momentum is visible in its own roadmap — it recently rolled out 93 tokenized stock pairs on Solana with custom trading pairs, extending the same launchpad rail that mints a record 263,151 new SPL tokens on peak days.

STONK Burn Estimates Diverge

Verification disputes are now surfacing on a second Solana launchpad token. StonkFun, a platform that lets users issue tokens backed by combinations of stocks, commodities, currencies and meme assets, is facing conflicting numbers over how much of its native STONK has actually been burned. On-chain tracking of the platform's public ledger and burn transactions counts 102.25 million STONK destroyed, equal to 10.23% of the 1 billion token supply, with a value of $667,300 at the time of the burns — worth about $1.61 million at current prices. A widely circulated aggregate instead claims StonkFun burned $40 million worth of STONK and cut total supply by 14.4%, alongside more than $30 million in ecosystem rewards; however, the reference price and calculation window behind those figures have not been disclosed and cannot be confirmed from public on-chain records. The gap illustrates how burn metrics shift depending on the supply basis used: CoinGecko lists STONK's total supply at 855,127,000 against a 1 billion maximum, so the same burn reads differently against each denominator. Fee data from DefiLlama offers a firmer primary record: StonkFun generated $6.16 million in fees over the past 30 days and $968,297 in the last 24 hours, with $3.48 million in cumulative revenue attributed to holders and 30-day DEX volume of $52.3 million. Daily fees reportedly outpaced rival PONS two days running, at $1.355 million versus $1.21 million, though the comparison window remains unverified. Price action has been volatile: CoinGecko shows a 24-hour range of $0.1706–$0.3278 — with that $0.3278 print also the all-time high — while community sentiment reads 64% positive against 36% negative, a survey-style gauge rather than a measure of verified holdings. STONK's mint address is listed as 6GmAFSYs4gk3FDao5FzzySQpPZaWsa4rUJHacpMpUNgx. Readers tracking the market in real time can follow live spot and futures prices on Gate.

Solana Launchpad Revenue in Focus

The two stories share one arc: the altcoin launchpad economy on Solana is being repriced on revenue, not hype. In our reading, the verifiable primary records — the burn transactions on StonkFun's public ledger and DefiLlama's fee aggregation — matter more than any headline valuation: they show launchpad fee engines generating millions weekly while some claimed supply changes fail simple on-chain checks. That discipline, applied to PUMP's 2.8x price-to-sales and StonkFun's $6.16 million monthly fees, will decide which launchpad tokens hold their re-rating. For investors sizing up entry points, our step-by-step guide on how to buy Solana (SOL) covers the mechanics.