Pump.fun, a memecoin launch platform on the Solana blockchain, achieved a major milestone by completing its public token sale in just 12 minutes, raising $500 billion.
This record event was confirmed in a post dated July 12 on X, where the team thanked its community and announced that the token is now entering the distribution phase.
The value of the Pump.Fun token increased by 40% after the presale.
The token sale sold 12.5% of a total of 1 billion PUMP tokens at a fixed price of $0.004. Although the sale took place on multiple trading platforms, it was not available to participants in the United States or the United Kingdom.
Tokens will initially be non-tradable and non-transferable during the distribution phase. Once the distribution phase is completed, the tokens will become tradable and transferable; this will be announced upon completion, according to the project team.
Despite these constraints, demand for the tokens was immense, with significant interest from major cryptocurrency investors.
Blockchain data from the Lookonchain analytics platform revealed that prominent cryptocurrency whales quickly joined the sales.
One of these investors, known as "ff.sol", previously made significant gains, turning a $1.19 million bet on the Trump memecoin into a peak value of $438 million. This investor converted $1 million to a new wallet to join the presale of the PUMP token.
Meanwhile, initial indicators show that the token's value reacted positively in the market after the sale. The PUMP token also saw a positive market reaction following the sale.
Latest data shows PUMP trading at $0.005609 on the Hyperliquid platform, a 40% increase from the initial asking price.
Furthermore, trading volume has surged, exceeding $443 million, with open interest reaching $317 million.
Meanwhile, Pump.fun's success extends beyond the token sale, as it has first-time acquired Kolscan, an analytics platform for tracking wallets. The company has not disclosed the financial terms of the acquisition.
This strategic acquisition will enhance Pump.fun's social trading tools by providing detailed insights into real-time transactions, profit and loss trends, and wallet activity from leading traders.
Alon Cohen, co-founder of Pump.fun, confirmed that this acquisition will enhance the reliability and speed of trading data. It will also ensure that the leaderboard rankings reflect actual trading activity, rather than relying solely on influencer-based metrics.