The meme coin issuance platform Pump.fun on the Solana chain has confirmed that it will officially launch the public sale of the PUMP token on July 12, expecting to raise $600 million through simultaneous sales on six exchanges, including Bybit. Pump.fun has also confirmed that it will conduct airdrop activities in the future.
According to Bybit's announcement, Pump.fun will release 150 billion PUMP tokens in this public sale, accounting for 15% of the total supply of 1 trillion tokens, with each token priced at $0.04, adopting a 'first come, first served' principle. Subscriptions will be open until July 15, and investors can use USDT, USDC, Solana (SOL), or Bybit's Staked SOL (bbSOL) to participate in the subscription.
In addition to Bybit, cryptocurrency exchanges including KuCoin, Kraken, Bitget, Gate, and MEXC will also open subscriptions simultaneously, with Bybit being the only platform supporting multi-chain subscriptions with stablecoins and Solana's native assets.
Pump.fun also confirmed the launch of the public sale on the social media platform X, and announced that 'airdrop activities are also about to debut.' According to the official disclosed token allocation mechanism, out of a total supply of 1 trillion tokens, there will be:
33% allocated for the Initial Coin Offering (ICO): of which 18% has been sold out through private placements, and 15% will be released in this public sale, both sold at $0.004 per token;
24% allocated for community and ecosystem incentives;
20% allocated to the team;
13% allocated to existing investors;
The remaining allocation includes: 2.4% for the ecosystem fund, 2% for the foundation, 3% for live streaming, and 2.6% for liquidity and exchange listing funds.
It is worth noting that users from the United States and the United Kingdom will be excluded from this public sale.
Calculating at $0.004 per token, the fully diluted valuation (FDV) of PUMP is approximately $4 billion. (Blockke) reported last month that Pump.fun plans to raise $1 billion through token sales.
Since its launch in early 2024, Pump.fun has rapidly risen, focusing on 'one-click token issuance,' allowing anyone to easily create meme coins, attracting a large number of users to the Solana ecosystem. On January 23 this year, it even reached a peak daily revenue of $7 million, but the platform's trading activity has recently cooled significantly, and its market share has been eroded by rising stars like LetsBonk.
Despite the market enthusiasm still being present, this public sale of up to $600 million has raised some doubts among market participants. The Block's research director Steven Zheng bluntly stated:
Many users originally expected Pump.fun to adopt airdrop models similar to Hyperliquid, rather than a large-scale public offering. Although airdrops are still in preparation, considering that the platform has generated over $700 million in revenue since its launch, and is now further raising $600 million, such operations inevitably raise concerns about 'poor perception.'
"Airdrops are also about to debut! The countdown for the public sale of Pump.fun's token PUMP, with 'these six' exchanges selling simultaneously" was first published by (Blockke).
