TLDR

  • PUMP token sold out its ICO in just 12 minutes, raising $500 million at $0.004 per token

  • 55% of the total 1 trillion supply will be unlocked immediately after the Token Generation Event (TGE)

  • Team controls about 40% of circulating tokens post-TGE, raising concerns about price manipulation

  • PUMP lacks clear utility as it doesn’t offer staking, governance, or fee-sharing mechanisms

  • Pre-market trading shows 47% price increase from ICO price, currently around $0.0059

Pump.fun, the popular meme coin launch platform on Solana, has completed its highly anticipated ICO with remarkable speed, selling out its allocation in just 12 minutes. The sale raised $500 million by selling 125 billion tokens (12.5% of the total supply) at a fixed price of $0.004 per token.

The ICO took place on July 12, 2025, across six exchanges (Bybit, Kraken, KuCoin, Bitget, Gate, MEXC) and the platform’s on-chain portal. Including the private sale, which raised approximately $700 million, the total funds raised reached $1.2 billion.

This successful fundraising positions PUMP as the third-largest ICO in crypto history. All tokens sold during the ICO will be fully unlocked for trading within 48-72 hours.

On-chain data reveals $448.5 million worth of tokens were sold through the website, with 10,145 wallets participating out of 23,959 KYC-approved users. This represents a 42.3% buy rate with an average purchase of $44,000 per wallet.

Purchase amounts varied widely, ranging from under $1,000 to over $1 million. The remaining $51.5 million was sold through the six participating centralized exchanges.

Token Distribution and Vesting

PUMP has a maximum supply of 1 trillion tokens, distributed across several allocations. The ICO sale represents 33% of the total supply, while 24% goes to Community & Ecosystem Initiatives, 20% to the Team, and 13% to Existing Investors.

At the Token Generation Event (TGE) scheduled for July 2025, tokens for the ICO Sale, Liquidity & Exchanges, Foundation, Livestreaming, and Ecosystem Fund will be fully unlocked. This means approximately 55% of the total supply will be in circulation immediately.

The Community & Ecosystem allocation will vest linearly over 12 months. Team and Existing Investors allocations are fully locked for the first year, then released gradually over five years.

A point of concern for many analysts is that about 40% of the circulating tokens after TGE will belong to the development team. This concentration of tokens raises questions about potential market manipulation.

Pre-Market Performance

PUMP futures contracts were available on several derivatives platforms before the ICO, including Hyperliquid, Coinbase International, Binance, and Phantom.

After the ICO launch, pre-market prices jumped from $0.0052 to $0.0072, and are currently trading around $0.0059 – approximately 47% higher than the public sale price.

Trading volumes have been robust, with Hyperliquid reporting $572 million in 24-hour perpetual volume, while Phantom and Coinbase International recorded $3.5 million and $962,000 respectively.

Market Context

The launch of PUMP comes during a period of “Extreme Greed” in the crypto market, with Bitcoin pushing to new highs. However, the Solana ecosystem shows signs of losing momentum, with memecoin transaction volume dropping by over 60% in Q2 2025.

Data from DefiLlama shows Pump.fun’s daily revenue reached a peak of over $7 million on January 23, though it has since stabilized to approximately $1 million per day. Over the past year, the platform has generated over $723 million in fees.

Competitive Landscape

Pump.fun faces increasing competition across various blockchains. On Solana, platforms like Raydium, LetsBonk, Believe, Moonshot, and Make Now are key competitors. LetsBonk has recently surpassed Pump.fun in Daily Tokens Deployed, adding competitive pressure.

From late January onwards, Pump.fun has seen a decline, with weekly revenues and transaction fees dropping by more than 40% compared to its peak. This shift in market dynamics has forced the team to consider new strategies to maintain their position.

PUMP’s lack of utility differentiates it from other tokens in the market. The token doesn’t offer staking, has no real utility, and doesn’t include any fee-sharing mechanism for holders – it’s built as a meme token by design.

Some market observers have raised concerns about potential contradictions in Pump.fun’s approach. The founder, Alon, previously criticized token presales and CEX listings, yet the project is now pursuing both strategies.

With 55% of tokens unlocked immediately and the team controlling a significant portion, some analysts speculate the price could rise to $0.008-$0.01, potentially pushing the project’s Fully Diluted Valuation (FDV) to around $8-10 billion, especially if listings on major exchanges follow.

The token launch represents a test of community trust in a platform that initially gained popularity for its transparency and community-focused approach to token launches on Solana.

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