- Pump token sale hit $600M in 12 mins, selling 15% of supply at $0.0040 per token.
- Nearly 24k wallets joined the sale with an average buyer spending $44K+ on Pump tokens.
- Critics cite tokenomics favoring Pump.fun; Solana rivals add growth pressure.
The Pump token sale on Pump.fun closed in just 12 minutes, raising $600 million and hitting a $4 billion valuation. The platform sold 15% of its total Pump token supply at $0.0040 each through its website and select exchanges. While the ICO had a 72-hour window, demand pushed it to an early close.
The Pump token sale marked one of the fastest ICOs ever seen in the crypto space. Buyers secured 150 billion tokens across various channels, including Kraken, KuCoin, and Gate. The tokens remain non-tradable and non-transferable until distribution ends by July 15.
Pump.fun reported a successful offering via its website, which raised $448.5 million alongside sales on major exchanges. Kraken recorded $30 million in token sales, KuCoin followed with $16.5 million and Gate saw $5 million. Although Bybit faced API delays, the platform confirmed it will refund unused funds.
Pump Token Distribution and Tokenomics Raise Mixed Reactions
The total Pump token supply is capped at 1 trillion, with 33% allocated to token sales. From this, 18% was sold earlier to private buyers, while the remaining 15% went in the ICO. Despite some confusion, Pump.fun confirmed that the full 15% allocation was sold as planned.
Before tokens become tradable, all Pump token buyers will receive their allocations. On-chain data shows 23,953 wallets joined the sale, with average purchases exceeding $44,000. More than 5,700 wallets acquired at least $1,000 worth of Pump token, highlighting strong market interest.
While some hailed the offering as a major crypto milestone, others questioned the platform’s token allocation model. Critics argue that with nearly 40% reserved for Pump.fun, tokenomics favor the platform itself. Even so, the Pump token will reportedly grant access to certain promotions while remaining non-essential to protocol usage.
Related: Pump.fun Acquires Kolscan Ahead of $1 Billion ICO Launch
Solana Competition Pressures Pump.fun’s Future Growth
Pump.fun, a pioneer Solana memecoin launchpad, is now under pressure as newer sites emerge, such as LetsBONK. Dune Analytics indicates that LetsBONK replaced Pump.fun in terms of trading volume last week. With the Pump token ready to circulate on a wider scale, it is not clear who will dominate the market.
The recent loss of revenues contributed to the challenge, but the Pump token sale temporarily reignited interest in the platform. Critics argue that short-term hype may not sustain its momentum without the creation of new incentives. Nevertheless, the platform has expressed gratitude to its users and shown its intention to continue its way in the Solana ecosystem.
A security risk has emerged as copycat tokens continue to target Pump holders. Recently, one user lost $75,000 while trying to remove airdropped spam tokens. In response, the platform has urged users to stay cautious, reminding them that the official Pump token unlock is set to occur in the coming days.
