Pump.fun raised over $1B from public and private sales as its $PUMP token ICO sold out despite an API glitch affecting allocations.
The PUMP token fuels a new social trading ecosystem as Pump.fun integrates Kolscan and plans live-streaming and copy trading tools.
Exclusion of U.S. and U.K. investors redirected demand to Asia and Europe, where individual caps reached $1M amid intense meme coin hype.
Pump.fun has wrapped up its $PUMP token sale in dramatic fashion, raising $500 million despite technical hiccups. The ICO, hosted on Bybit, Kraken, and the Pump.fun platform, saw overwhelming demand. Notably, a sudden API delay caused some users to miss out, even after committing funds. Bybit confirmed that affected users will receive full refunds.
The July 12 ICO offered 125 billion PUMP tokens at $0.004, representing 12.5% of the total supply. This followed an earlier private round, which sold 18% of the tokens to institutional players. Hence, Pump.fun secured over $1 billion ahead of trading, which begins on July 18.
Besides the strong demand, pre-sale activity hinted at intense market interest. Derivatives trading on platforms like Hyperliquid showed a 40% premium over the ICO price. Consequently, many investors rushed in to avoid missing the next meme coin boom.
Ecosystem Expands as Pump.fun Plans Social Trading
Pump.fun, known for enabling meme coin creation on Solana, is now pivoting toward social trading features. The PUMP token will fuel ecosystem growth, platform upgrades, and community incentives like fee rebates.
Moreover, the team recently acquired Kolscan, a blockchain wallet tracker. Co-founder Cohen said this move fits the platform’s larger goal of becoming a crypto-native social media powerhouse. He emphasized that “onchain trading is a social sport,” comparing it to a game played with friends.
Additionally, Cohen revealed plans to enhance Kolscan by rewarding users and boosting copy trading tools. The roadmap includes live streaming features and real-time leaderboards.
Challenges Loom Despite Market Hype
However, Pump.fun’s rise hasn’t been without setbacks. The API delay during the sale raised concerns over technical stability. Besides, the platform now faces stiff competition from LetsBonk, which recently overtook it in market share.
Despite these hurdles, the sellout reflects strong appetite for meme-themed assets. DOGE, TRUMP, and PEPE have all surged recently, setting the stage for PUMP’s debut. U.S. and U.K. investors were excluded due to regulations, shifting focus to Asia and Europe. Individual buy caps hit $1 million, showcasing massive retail interest.
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