Pump.fun Raises $1.32 Billion in 12 Minutes, Largest ICO to Date

Pump.fun, a platform that allows users to create meme coins, successfully raised $600 million in just 12 minutes on Saturday. This rapid fundraising effort is one of the largest initial coin offerings (ICOs) to date and comes just one day after Bitcoin, the world’s largest cryptocurrency, reached a new all-time high. The platform, which operates on the Solana blockchain, announced its plan to sell 150 billion tokens at $0.004 apiece on July 9 via X (formerly Twitter).

Prior to the public sale, a block of 180 billion tokens had already been sold at the same price to private investors. Confirming the figures, co-founder Alon Cohen stated that the total amount raised now stands at $1.32 billion. Notably, investors based in the US and UK were barred from participating due to regulatory restrictions. Despite some initial concerns among crypto investors that this massive sale might overshadow the broader meme coin market, industry voices remain unfazed. Zaheer Ebtikar, founder of crypto fund Split Capital, commented on the extreme swings in sentiment that typify the sector, noting that people quickly shift from fear to a rush of buyers eager to get in on the sale.

Meme coins have gained popularity by blending internet culture with finance. Often linked to jokes, viral memes, and celebrity endorsements, they have captured the attention of both retail traders and professionals. The trend’s reach was underscored by the launch of a meme coin by former US President Donald Trump shortly before his second inauguration in January. Since its 2024 debut, Pump.fun, founded by Cohen, Noah Tweedale, and Dylan Kerler, has become a key player behind the recent surge in meme coin activity, particularly on Solana. The platform has drawn billions in investments, generating nearly $800 million in revenue, according to company spokespeople. Its success reflects a broader revival of ICOs, a fundraising method that once peaked at around $3 billion monthly in early 2018 before regulatory crackdowns and high-profile scams dampened enthusiasm.

Pump.fun has announced that its tokens will be tradable between 48 and 72 hours following the sale’s conclusion. Last week, Pump.fun announced its acquisition of the wallet tracking tool Kolscan, aiming to revolutionize on-chain trading. The integration will merge Kolscan’s analytics with Pump.fun’s social trading features, enhancing transparency, wallet tracking, and copy-trading capabilities. Co-founder Alon Cohen emphasized that trading is a “social sport,” highlighting the importance of community and shared insights in driving success within the ecosystem. As part of the deal, all Kolscan services will be made free to users. Pump.fun has already attracted tens of thousands of users and intends to build a scalable crypto social media platform, leveraging Kolscan’s tools to grow its community and influence.