Pump.fun, the oldest and most successful memecoin launchpad on the Solana (SOL) network, completed its oversubscribed initial coin offering (ICO) over the weekend in 12 minutes. The highly decorated launchpad sold 12.5% of PUMP’s token maximum supply, thus raising $500 million at a valuation of around $4 billion.
The Pump.fun ICO was facilitated through its official website, $448.5 million, in addition to several cryptocurrency exchanges. Notably, crypto investors purchased $30 million worth of PUMP tokens through Kraken, $16.5 million via KuCoin, and $5 million via Gate.io.
Meanwhile, the Pump.fun team plans to distribute the PUMP tokens to the new owners in the next three days. Currently, the PUMP tokens are not tradeable and transferable, with the features expected to be available after the distribution phase.
“We’d like to thank everyone who participated in the sale, whether on pump fun or on one of the participating exchanges, and we look forward to the very bright future of pump fun and the wider Solana ecosystem,” the Pump.fun team .
According to on-chain data analysis from , Pump.fun platform received significant support. Precisely, a total of 23,953 CEX wallets, with Know-Your Customer (KYC) features, participated in the website presale.
On average, the website presale buyer purchased PUMP tokens worth $44,209, with 5,758 wallets buying tokens worth at least $1,000 per user.
The PUMP token holders have been cautioned to avoid falling prey to scams, including dozens of tokens closely tied to the word Pump or the ICO. Earlier on Monday, a PUMP holder 10 million tokens, worth about $75k, after attempting to burn airdropped junk tokens.
The Pump.fun platform has now entered its next phase of mainstream adoption fueled by public investors. The platform has recorded significant revenues in the past year, thus making its just concluded ICO popular.
The Pump.fun platform, however, faces intense competition from other emerging launchpads on the Solana network including LetsBONK.fun, which is backed by the Bonk (BONK) memecoin. As a result, the Pump.fun platform will likely experience a significant drop in its daily revenue ahead.
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