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

Recently, the overall cryptocurrency market has shown a fluctuation pattern, mainly characterized by rebounds and falls. On the positive side, an exchange platform's ecosystem token experienced a broad increase due to liquidity activities, the conversation between the leaders of China and the United States released signals of peace talks, and a stablecoin company performed well upon listing. On the negative side, concerns are focused on steel tariffs and the dispute between Trump and Musk, while the expected interest rate cuts have yet to materialize. This article will focus on the Pump.Fun issue coin plan and the cryptocurrency policy trends in South Korea and Singapore.

Pump.Fun issue coin plan

Recently, it has been reported that Pump.fun plans to conduct a $1 billion token sale with a valuation of $4 billion, targeting both public and private investors, with issuance expected within two weeks. This news has quickly sparked heated discussions in the market.

Coin Issuance Opportunity Analysis:

1. Market liquidity has decreased. The two large-scale political token issuance activities earlier this year have drained market liquidity, leading to a decline in the prices of other tokens and an increase in investor panic.

2. Increased competition. The dominant position of Pump.Fun in the Solana meme track is being challenged, with market share plummeting from about 98% to 56%.

3. The meme craze has faded. The trading volume on the Pump.Fun platform dropped from $118.9 billion in January to $25.1 billion, a decrease of 79%. May's revenue was $46.6 million, a decrease of 42.85% compared to January.

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 $440 million, the P/S ratio is 9.1, which is within the reasonable range of 5-20, but still carries a risk of being on the high side. It is recommended to pay attention to its revenue recovery, token sales execution, and the overall performance of the Solana ecosystem.

Policy and Regulatory Trends

1. South Korea's new president Lee Jae-myung has promised to promote the development of cryptocurrency ETFs and the Korean won stablecoin.

The main measures include: promoting the legalization of spot cryptocurrency ETFs; issuing a Korean won stablecoin; guiding national institutions to invest in crypto assets; optimizing regulatory policies to reduce trading costs. These initiatives aim to attract investment, promote market development, and are expected to have a positive impact on the global crypto market.

2. Singapore strengthens regulation of overseas cryptocurrency services

The Monetary Authority of Singapore ( MAS ) announced that from June 30, 2025, cryptocurrency service providers without a DTSP license must cease providing services to overseas customers. The new regulations cover a wide range of activities, including token issuance, trading, custody, and more.

This policy shift marks Singapore's transition from "crypto-friendly" to strong regulation. In the short term, it may lead to the withdrawal of small and medium-sized projects or mergers with large institutions. In the long run, it could enhance market trust, but it may weaken Singapore's attractiveness as a Web3 innovation hub.

3. JPMorgan plans to allow clients to use Bitcoin ETFs as collateral for loans.

This move will enhance Bitcoin's financial attributes, transforming it from a "static asset" to "liquid capital," which is expected to improve its capital utilization rate and market demand. As a globally systemically important bank, JPMorgan's decision indicates that crypto assets are being recognized by mainstream financial institutions, potentially leading other banks to follow suit and further increase institutional acceptance of crypto assets.