Pump.fun is planning to raise $1 billion in a token sale at a $4 billion fully diluted valuation (FDV), according to Blockworks, which added that it was unable to confirm timing nor whether the new token would be issued on pump.fun.

The platform, which allows any and all to freely create their own tokens on the Solana blockchain, has generated more than $700 million in total revenue since launching more than a year ago, according to the story.

Solana’s SOL SOL dipped about 2% as the news hit, but has since recovered about half of that knee-jerk decline.