Pump.fun (PUMP) - Fundamental Analysis May 2026

Here's the latest on Pump.fun – a Solana memecoin launchpad that evolved into a billion-dollar revenue platform with its own token: • Pump.fun launched January 2024 as a permissionless token creation platform using automated bonding curves, removing need for coding or liquidity seeding • PUMP token ICO raised ~$600M in 12 minutes on 12 July 2025 at $0.004 per token, with 1 trillion fixed supply and vesting through July 2029 • Platform commands ~95% of Solana memecoin launchpad market share (October 2025) and surpassed $1B cumulative revenue by 2026 • April 2026 burned 36% of circulating PUMP supply ($370M) and shifted revenue allocation from 100% buybacks to 50/50 buyback/operations split • Faces regulatory scrutiny (UK FCA warning Dec 2024, US class-action Jan 2025) and