$ 500 million in minutes: Pump.fun writes ICO history
The Memecoin launchpad Pump.fun on Solana shone over the weekend with a spectacular initial coin offering (ICO). The platform collected $ 500 million for the pump token within minutes and thus became the third largest ICO of history.
Pump.fun is the leading one Memecoin-Launchpad on Solana. The platform started to sell token (ICO) over the weekend and collected $ 500 million in just under 12 minutes. 12.5% of the maximum pump offer were sold – which brings the project to an assessment of $ 4 billion. The tokens went over the table both through their own platform and exchanges such as octopuses, Kucoin and Gate.io. A total of almost 24,000 kyc verified wallets took part, with large investors acquired around 60% of the tokens among the top 340.
Tokenomics and public criticism
While originally 33% of the pump stock for the ICO were estimated to reduce pump. Fun this share to 12.5%. According to a web dashboard, 125 billion tokens were sold (0.004 USD each), the rest was reserved for institutional sales.
Due to the enormous demand for the pump token, the infrastructures of most exchanges could not keep up. Thousands of users complained on social media that they had no chance of participation. The ICO was over on octopuses within a few seconds – other exchanges such as Bybit had to roll back transactions. At manageable futures markets stands The pump price almost 50% higher than during the sale.
From Memecoin launchpad to the streaming platform
Pump.fun started as a pure Memecoin launchpad, through which users can create and act their own memoins. The platform was well received and generated $ 600 million in total sales in around twelve months with minimal expenses. This should be the fastest growing startup in history.
Through the ICO, the platform wants to expand into other industries. With the planned introduction of tools for content manufacturers, on-chain analytics and live streaming, Pump.fun would like to establish itself in the long term as an infrastructure for tokenized communities on Solana. It is shown whether the founding team can use almost 1.1 billion USD from fee income and ICO proceeds for this purpose.
