The meme coin issuance platform Pump.fun on the Solana chain achieved an astonishing record with its PUMP token sale, selling out completely in just 12 minutes and successfully raising $500 million.
The initial token offering began at 10 PM on July 12, with investors rushing in to purchase PUMP tokens priced at $0.004 each. The original plan was to raise up to $600 million, but it reached the target early due to unexpectedly high market demand.
This rapid sell-out highlights the huge popularity surrounding Pump.fun, which has become a cornerstone of the Solana meme coin ecosystem since its launch in January 2024. The sale was conducted simultaneously on major exchanges such as Bybit, Kraken, KuCoin, Bitget, Gate.io, MEXC, and the Pump.fun official website, originally planned to raise up to $600 million, but was concluded early due to achieving the target in record time.
The total supply of PUMP tokens is 1 trillion, of which 15% is allocated for public sale. The platform has generated over $700 million in revenue through token creation and trading fees, which is one of the main reasons attracting investors. However, there are voices in the community questioning whether the hype in the meme coin market can be sustained.
PUMP tokens are expected to be distributed and start trading within 48 to 72 hours. Analysts predict that there will be significant volatility once the tokens enter the public market, with some traders holding a bullish outlook, noting that PUMP has already shown a 40% premium in pre-market trading on Hyperliquid; however, others warn that a whale short position worth over $11 million may indicate a potential price correction.
The success of this sale has sparked widespread controversy, with some criticizing and warning that it could be an "exit scam," while others praise Pump.fun's innovative model in meme coin creation. As Pump.fun plans to develop into a Web3 community platform with financial incentives, the issuance of PUMP is undoubtedly a key step in the platform's development alongside the Solana ecosystem.
"Pump.fun tokens sold out in 12 minutes, raising $500 million in record" was first published on (Blocker).
