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Pump.fun, a Solana-based launchpad for memecoins, is set to conduct its initial coin offering (ICO) between July 12 and 15 through the Gate.io cryptocurrency exchange. The public token sale will involve 150 billion PUMP tokens at an initial selling price of approximately $0.004. The PUMP token has a maximum supply of 1 trillion tokens, resulting in a fully diluted valuation of about $4 billion.
Pump.fun has seen significant success in daily revenue over the past year, driven by the high demand for Solana-based memecoins. However, the platform's revenues have been declining due to the rising popularity of LetsBONK.fun. According to market data, LetsBONK.fun recorded a daily revenue of over $1 million, compared to Pump.fun’s $533k in the same period. The success of LetsBONK.fun is largely attributed to the Bonk (BONK) memecoin, which is the largest meme project on the
network.Pump.fun faces additional challenges, including legal issues such as lawsuits accusing the platform of enabling pump and dump schemes. Furthermore, the platform has a high number of bots creating tokens every minute, but these tokens are rarely developed to grow a community. These factors could impact the success of Pump.fun's upcoming ICO and its ability to compete with LetsBONK.fun in the memecoin market.
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