The Pump.fun platform, based on Solana, executed one of the fastest ICOs in history, raising $600 million in just 12 minutes by selling 150 billion tokens at a price of $0.004 per token. This achievement highlights the intense interest in meme coins and confirms their popularity in the market. The total valuation of the platform reached $4 billion, reflecting investor confidence in the potential of the Solana ecosystem.
This success indicates a high demand for meme coins despite criticism. Part of the community sees Pump.fun as an innovative platform that fosters token creation and expands the capabilities of Solana, while others consider its tokenomics exploitative, pointing to risks for investors who have previously lost money on similar projects. Growing competition from LetsBONK, which has outperformed Pump.fun in trading volume, adds tension, signaling possible changes in market dynamics.
ICO Pump.fun also affected the market: after the announcement of the token sale, prices for leading meme coins on Solana, such as FARTCOIN and WIF, fell by 24–30%. This indicates the volatility and sensitivity of the market to major events. However, the success of Pump.fun demonstrates that meme coins remain attractive to investors willing to take high risks for potential profits, reinforcing Solana's position as a hub for meme coin innovations.