Pump.fun Acquires Kolscan Ahead of $1 Billion ICO

Pump.fun, a platform for creating crypto memecoins, has announced its first acquisition, purchasing Kolscan, a wallet-tracking platform. Kolscan monitors the activities of top onchain traders, providing real-time transactions, gains, and a leaderboard ranking their performance. Pump.fun's co-founder, Alon Cohen, emphasized that the acquisition aligns with the belief that onchain trading is a social sport, where traders engage with friends and compare their bets.

Pump.fun aims to integrate Kolscan's features to enhance its offerings and create new experiences that could transform the onchain trading landscape. The acquisition comes ahead of Pump.fun's initial coin offering (ICO) scheduled for Saturday, which aims to raise $1 billion. The platform has been facing competition from rival memecoin launcher LetsBonk and has been losing market share.

Cohen highlighted that Pump.fun plans to improve Kolscan's features, making the tool free to use. The platform intends to enhance the reliability and speed of data for tokens, trades, and profit and losses. Additionally, Pump.fun aims to make the leaderboard reward real traders rather than just key opinion leaders (KOLs). The platform also plans to provide additional insights into copytrading activity and other data points that can shed light on a trader’s strategies.

Pump.fun's ICO for its "PUMP" token will have a total supply of 1 trillion tokens, with 330 billion tokens, or 33%, set aside for investors at $0.004 each to target a $1 billion raise. Institutional investors will be allocated 180 billion tokens from the ICO, while the public sale will comprise 150 billion PUMP. The ICO offer is banned for investors in the US and UK due to regulatory concerns.

Pump.fun has already started offering social media-type features such as livestreaming, which it shut down last year due to harmful and violent acts broadcasted by users. The feature was revived in April for a select group of users with moderation systems in place.

Pump.fun was credited with last year’s memecoin revival, allowing users with no coding skills to easily create tokens. At its peak in January, the platform made millions of dollars in revenue a day. The acquisition of Kolscan and the upcoming ICO are strategic moves by Pump.fun to bolster its future offerings and drive growth through gamified trading experiences.