Solana-based memecoin launch platform Pump.fun is reportedly preparing to raise $1 billion through a token sale, targeting a $4 billion fully diluted valuation for its new token. 

The token sale is expected to include allocations for both public and private investors, and would be one of the largest token sales in crypto to date.

Although the timing of when the proposed token will go live remains unknown, a pseudonymous X user @nextfckingthing said the PUMP token would launch within the next two weeks, with an airdrop for users also confirmed.

This story is an excerpt from the Unchained Daily newsletter.

The X user, who claimed to have consulted with a source close to the team, said Pump.fun was considering unlocking a 10% airdrop to the community a month after the token generation event.

Pump.fun launched early last year and quickly became a pre-eminent force in the Solana ecosystem, enabling users to create tokens instantly and with minimal technical barriers. It has facilitated the launch of nearly 11 million tokens and generated more than $700 million in fees since its debut.