Pump.fun has just completed the Token PUMP sale through the ICO with success beyond expectations, raising $600 million in just 12 minutes.
The ICO of the PUMP Token on the Solana platform attracted significant interest despite the controversies surrounding the Token and the exclusion regulations for users in the United States and the UK. The project is in the process of distributing Tokens after the sale and is about to open for public trading.
MAIN CONTENT
Pump.fun sold out 150 billion PUMP Tokens at $0.004, raising a total of $600 million in just 12 minutes.
The project warns about counterfeit Tokens and strict KYC regulations, prohibiting citizens of the United States and the UK from participating in the ICO.
There are many conflicting opinions about the sustainability and tokenomics of PUMP, but the price of the Token in the secondary market has increased by over 60%.
How did the ICO of Pump.fun take place and what were the results?
According to announcements from the development team, the ICO for the PUMP Token of Pump.fun on the Solana blockchain took place from July 12 to July 15 or until all 150 billion Tokens were sold out. The successful fundraising of $600 million in just 12 minutes is considered very rare in the cryptocurrency industry.
Data shows that 15% of the total supply of PUMP Tokens was offered at a price of $0.004 per Token, attracting a large community of investors despite regional participation restrictions. This is evidence of Pump.fun's strong appeal within the memecoin ecosystem.
"The public sale of the $PUMP Token ended in 12 minutes with all Tokens fully distributed. We would like to express our heartfelt thanks to the community that has accompanied the project."
The Pump.fun team, July 15, 2024
Why does Pump.fun prohibit users from the United States and the UK from participating in the ICO?
To comply with strict legal regulations, Pump.fun has implemented KYC verification to eliminate participants from the United States and the UK. This is to prevent legal risks and ensure transparency for the project.
Although this restriction may reduce the number of potential investors, the demand for buying Tokens still far exceeds supply, showing strong appeal and a cautious management team. ICOs with similar regulations are becoming a trend to protect both the project and users.
What does Pump.fun warn about counterfeit Tokens in the market?
Currently, many counterfeit Tokens named PUMP are appearing to exploit the ICO event, misleading or scamming users. Pump.fun has stated that only the Token with the contract address pumpCmXqMfrsAkQ5r49WcJnRayYRqmXz6ae8H7H9Dfn is the official and only Token.
"Do not trust any Token other than the official $PUMP Token which is currently in a non-tradable or transferable phase."
The Pump.fun team, July 2024
The risk of scams through imitation Tokens serves as a practical warning for investors to be cautious, only trading original Tokens to avoid losing money due to phishing or scams.
What is the community's reaction and the debate surrounding the PUMP ICO?
Although the ICO raised impressive capital, the market still recorded mixed opinions. Some community members see this as evidence of Pump.fun's strong development and liquidity capabilities.
Conversely, many critics call this a widespread "bloodsucking" event, claiming that the tokenomics of PUMP prioritizes the interests of large investors such as investment funds and founding teams over ordinary users.
With a total supply of 1 trillion Tokens, only 15% were sold publicly, many people are concerned that "sharks" could manipulate the market. However, the plan to expand social applications on Pump.fun's blockchain platform along with the PUMP Token is still being closely monitored.
How is the price of the PUMP Token trading in the secondary market?
On the decentralized derivatives exchange Hyperliquid, the PUMP Token has increased by 15%, reaching a price of $0.00621, which is over 60% higher than the initial ICO price. This is a positive sign demonstrating strong investor interest in this new Token.
The early trading of the Token on the secondary market also shows good liquidity potential and sets the stage for the project to continue building new features for users.
More information about Pump.fun's future plans
According to statements from the development team, Pump.fun aims to build a global onchain social network by allowing people to connect through their platform. The PUMP Token plays a central role in this ecosystem, helping to operate services and promote the community.
Frequently Asked Questions
How long did the Pump.fun ICO take place and how much did it raise?
The ICO only took place in 12 minutes, successfully raising $600 million with 150 billion PUMP Tokens sold.Can users from the United States and the UK participate in the ICO?
No, Pump.fun applies KYC to exclude citizens of these two countries to comply with international laws.How to differentiate the official PUMP Token?
The official Token has the contract address: pumpCmXqMfrsAkQ5r49WcJnRayYRqmXz6ae8H7H9Dfn.Has the PUMP Token been publicly traded yet?
The Token cannot be traded directly immediately after the ICO, currently trading on the secondary derivatives market.What is the long-term development plan of Pump.fun?
The goal is to build a global onchain social network, with the PUMP Token being the backbone of the ecosystem.
Source: https://tintucbitcoin.com/pump-fun-goi-von-500-trieu-usd-nhanh/
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