Pump.fun Raises $500 Million in PUMP Token Launch
Pump.fun, a memecoin launch platform built on the Solana blockchain, successfully launched its PUMP token, raising $500 million (approx. R$ 2.8 billion) in just 12 minutes during its initial public offering.
With a starting price of $0.004 per unit, the total amount raised placed the PUMP ICO in the spotlight. Demand was so intense that several platforms experienced technical issues during the sale on Saturday, July 12.
Pump.fun Eyes Major Growth
According to co-founder Alon Cohen, 15% of the total 1 trillion token supply was made available, despite the website originally stating only 12.5% would be sold.
The Pump.fun team stated that the funds will be used to expand the platform and add new features.
Some of the planned benefits for PUMP holders include discounted fees and potentially sharing in the protocol’s revenue. These developments could help establish PUMP as one of the top memecoins to invest in right now.
The sale was initially expected to last up to 72 hours, but the available tokens sold out rapidly.
Exchanges Struggle With Overload
The overwhelming demand led to technical issues on some participating exchanges.
Bybit reported API failures and announced it will issue refunds to users who missed the sale. Kraken, another platform involved, pledged to airdrop the token for free to affected investors.
Kraken co-CEO Arjun Sethi explained on X that the airdrop will be automatic, based on purchase intent records during the sale. No additional action is required from users.
Due to regulatory restrictions, citizens from the United States and the United Kingdom were not allowed to participate. Still, the success of the offering highlights the market’s hunger for high-risk, community-driven projects with strong narratives.
