$PUMP

This round of IPOs is on fire

On Saturday, PUMP's IPO was so popular that it sold out 500 million in just 12 minutes. Each account could invest a maximum of 1 million, and there were almost 200 such accounts; some whales prepared 50 million two weeks in advance, divided it into several accounts to invest, and eventually only put in 5 million, mainly investing on-chain.

However, there were many issues on the exchange side — either transactions were stuck and couldn't move, or investments couldn't go through. Some investments were even returned. After this wave, the market felt there was too much money and demand was too strong, with projects so impressive that buying them meant profit.

The reality is that Gate could still take investments that day, with a total of 2.5 billion coins to sell, but by the afternoon they only accepted 760 million, not even a third of the total. The project team announced a week in advance that they planned to raise 600 million, but later changed it to 500 million, and the official website only stated that the quotas were sold out, without explaining why the figure was changed, which felt quite secretive.

There were also plenty of rumors: some said the exchanges couldn't get enough due to API failures, and others said the exchanges themselves were fronting money to sell quotas, later seeking reimbursement from the project team; there were also claims that the drop from 600 million to 500 million included 100 million given to market makers and institutions.

This sale was primarily aimed at Asian users, but issues kept arising — some said the API was attacked by institutions, intentionally making it appear as though it couldn't be obtained; those who had hedged in advance on the exchange also suffered, as who would have thought that they couldn't grab it in the spot market and contracts were being dumped.

Additionally, during PUMP's IPO, Bonk still maintained a market share of over 60%, with 24-hour revenue nearly 2 times that of PUMP; it is hard to tell if PUMP is still considered the leader in this field.

As for whether PUMP can explode like Circle and Hype, it is hard to say now; it depends on whether they can leverage token incentives post-listing. The team has plenty of cash on hand, surely they have the capital to push the price up,

but whether they are willing to do so is uncertain — just like EOS back in the day, holding 140,000 bitcoins but still saw the price plummet. PUMP previously sold Sol as soon as it made a profit; now whether they will cherish the tokens they issued is anyone's guess.