In a move that’s got the crypto world buzzing, Pump.fun, the platform letting anyone create and launch their own memecoins, just pulled off one of the fastest and largest ICOs in history. Within a mere 12 minutes, it raised a jaw-dropping $600 million by selling 15% of its token supply at $0.0040 each. To say the ICO smashed expectations would be an understatement.

A Lightning-Fast ICO with Big Numbers

The ICO wrapped up far quicker than the planned 72 hours, putting the platform’s fully diluted valuation at $4 billion. Talk about a meteoric rise! Over the next few days, all 150 billion PUMP tokens will be transferred to investors. However, don’t rush to flip them just yet; tokens won’t be tradeable until the distribution phase ends on July 15, according to ICO Drops.

Exchanges like Gate, Kraken, and KuCoin were flooded with investments, seeing $5 million, $30 million, and $16.5 million worth of PUMP tokens sold, respectively. Bybit, however, hit a speed bump. Due to API delays, the PUMP sale was oversubscribed, leaving Bybit to sort out allocations and refunds for users left out.

Regulatory Red Tape and a New Milestone

Despite the insane demand, U.S. and U.K. investors were left out of the ICO due to regulatory restrictions. The sale now puts Pump.fun’s total token sales at an eye-popping $1.32 billion, and with such a strong debut, the platform’s staying power is in serious question. Can it continue the momentum, or is it all just a flash in the pan?

What Exactly is the PUMP Token?

The platform touts the PUMP token as a “utility coin” tied to the Pump.Fun Protocols, where holders can join in on promotional giveaways. That said, Pump.fun is clear that its protocols will remain permissionless, meaning you don’t necessarily need the token to participate.

With a max supply of 1 trillion, the ICO snagged 33% of the total supply, with 18% (180 billion tokens) sold privately to institutional investors. The remaining 15% was up for grabs in Saturday’s lightning-fast ICO.

A Divided Community

Despite the overwhelming success of the ICO, opinions on Pump.fun’s future are split. Some see the platform’s approach as nothing short of revolutionary, while others, like crypto venture capitalist Haseeb Qureshi, call it “one of the highest gross revenue tokens in crypto.” Others are less thrilled, with critics labeling the ICO as a “cringe” moment, and some even likening the platform to a Pied Piper leading Gen Z down a dangerous path.

To top it off, the platform’s tokenomics have raised eyebrows. Nearly 40% of the tokens are allocated to Pump.fun itself, with critics calling it an “exploitative” setup.

Bonk.fun Flips Pump.fun and Takes Over the Meme Launchpad Game | HODL FM
Bonk.fun has officially overtaken Pump.fun as the meme launchpad…
hodl-post-imageHODL FM: The Wildest Ride in the Crypto MarketRoman Zaika
hodl-post-image

Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL FM is not a financial reference resource, and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice. HODL FM strongly recommends contacting a qualified industry professional.