Pumpdotfun Wraps Up $500M ICO in Under a Quarter Hour with Discrepancies

The Solana-based meme coin launchpad, Pump.fun, has wrapped up its ICO for its native currency, PUMP, amidst some controversies. The platform was able to raise $500 million in 12 minutes, selling 12.5% of the PUMP total supply. However, the project was initially supposed to offload 15% of the supply in the public sale, leading to speculation about the missing 2.5%.

Participants in the public sale will receive their assets within 48-72 hours, but the tokens will not be tradable until the distribution phase ends. Despite facing challenges prior to the ICO, including the crypto exchange Gatedotio removing its pre-market listing for PUMP, participants in the ICO purchased tokens worth $5 million on the exchange.