The prominent memecoin platform Pump.fun on the Solana ecosystem is preparing for the PUMP token sale, with a target of raising up to $1.32 billion – which could make this project one of the three largest fundraising efforts in the history of cryptocurrency.
According to data from CryptoRank, if the target is achieved, Pump.fun will only be surpassed by FTX (which went bankrupt) with $1.75 billion from the FTT sale and EOS (now Vaulta) with $4.26 billion raised in 2018. Additionally, the project will also surpass Terra (LUNC) – currently in third place with $1.2 billion, as well as UNUS SED LEO and Celsius (bankrupt) with $1 billion and $910 million respectively.
Details of the PUMP token sale
Pump.fun plans to launch the PUMP token sale on July 12, with a fixed total supply of 1 trillion tokens. Of which:
33% of the supply will be allocated for the public sale (ICO)
18% will be sold through a private sale round for institutional investors
15% will be publicly sold through exchanges like Kraken, KuCoin, and several other platforms
The sale price is $0.004/token
No vesting schedule applies – all tokens will be distributed immediately upon sale
The market reacted strongly even before the sale opened
Even before its official launch, the PUMP token has attracted significant attention from the market. Data from CoinGlass shows that the trading volume of PUMP's perpetual pre-market contracts has increased by over 300%, reaching $346 million, with $115 million in open interest – indicating high expectations from investors.
However, alongside the wave of excitement, there are also warning signals from major investors.
According to the data analysis platform Onchain Lens, many 'whales' in the industry are shorting the PUMP token just before the sale opens. They have deposited millions of dollars into the Hyperliquid derivatives platform, indicating skepticism about PUMP's long-term performance.
These major investors expect PUMP to follow the familiar pattern of many previous ICOs: a sharp price increase after listing, followed by a deep decline in a short period.