Pump.fun Launches PUMP Token ICO July 12 Raising $600 Million

The Pump.fun team has officially announced the launch date for its PUMP token, marking a significant milestone for the Solana-based memecoin launchpad. The Initial Coin Offering (ICO) is set to commence on July 12 at 2 p.m. UTC, with a total supply of over 1 trillion PUMP tokens. The ICO will offer 33% of the tokens, with 18% already sold during the private round to institutional buyers and 15% available for public offerings. The public sale will provide 150 billion tokens priced at $0.004 each, potentially raising $600 million. The sale will be hosted on several centralized exchanges, including Bybit, Kraken, Bitget, and MEXC, and will close on July 15. However, residents of the U.S. and U.K. are excluded from participating due to regulatory restrictions.

The token distribution plan for PUMP is designed to support the platform's ecosystem and community efforts. 24% of the tokens are allocated to community and ecosystem initiatives, 20% to the team, 13% to investors, 4.4% to project funds, 3% for streaming, and 2.6% for liquidity. This strategic allocation aims to ensure the sustainability and growth of the platform, fostering a decentralized social ecosystem that challenges traditional social media giants. The Pump.fun team has not disclosed additional information about an airdrop or other incentive initiatives for the community.

Pump.fun, launched in early 2024, has gained significant popularity by allowing users to mint memecoins without writing any code. The platform has generated nearly $715 million in revenue since its launch, with over $35 million earned in the last month alone. However, the project faces competition from other platforms on the Solana network, such as LetsBonk, which recently overtook Pump.fun in terms of daily revenue and the number of tokens launched. Experts warn that Pump.fun's dominance among Solana launchpads may be challenged as new players experiment with income distribution settings and other mechanics. Despite this, Pump.fun maintains a strong user base and brand visibility, with over 200,000 tokens created per week and an exit rate on the DEX approaching 2%.