The public sale page of Pump.fun on Gate seems to have been exposed early. From the current leaked data, it can basically be confirmed that it is real. This public sale is scheduled to start on July 12th and will last for three days, or end early if fully subscribed. The valuation is set at $4 billion, with a public sale share of 15% and a target fundraising amount of $600 million. It looks like they have already completed a round of private placement aimed at VCs ahead of time.

Actually, I thought that this round of $PUMP's public sale might be a very good opportunity half a month ago. Looking at the entire market, currently, only it and Hyperliquid can be considered phenomenal products. Based on Hype's current $40B valuation, even though Pump may be slightly weaker in various aspects, it could still be a money printing machine due to its popularity and product strength. It's not impossible for large funds to jump in and achieve a 50%-100% return.

However, what's subtle is that recently LetsBonk has suddenly gained momentum, even surpassing Pump.fun in some metrics. This has shifted the reference token from Hype ($40B) to Bonk ($1.9B), significantly lowering the expected 'ceiling'.

Despite this, I still plan to participate in this public sale; however, how much I invest will depend on the token economics model on the launch day and the actual subscription speed to make a judgment. #pump