Pump.fun Raises $500 Million in 12 Minutes During ICO

Pump.fun, a Solana-based meme coin launchpad, has successfully concluded its initial coin offering (ICO) for its native cryptocurrency, PUMP, raising $500 million in just 12 minutes. The platform sold 12.5% of the total PUMP supply at $0.0040 per token during the public offering. However, the rapid success of the ICO has sparked some controversy and speculation within the crypto community.

According to the initial announcement on July 9, Pump.fun stated that its native token would have a maximum supply of one trillion. The allocation plan included 33% of the supply for the ICO, with 24% reserved for community and ecosystem initiatives, and 20% allocated to the project’s team. Additionally, 13% was set aside for existing investors, while the remaining tokens were distributed among the ecosystem fund, exchange liquidity, and live streaming.

Out of the 33% allocated for the ICO, Pump.fun initially planned to keep 18% for a private sale to institutional buyers, with the remaining 15% (150 billion PUMP) to be offloaded in a public sale. However, data from the project’s website indicates that only 12.5% of the supply was actually sold during the public sale. This discrepancy has led to community speculation about the fate of the remaining 2.5% of the tokens.

Pump.fun has confirmed that the tokens reserved for the private sale have been allocated to their respective buyers. Participants in the public sale are expected to receive their assets within the next 48-72 hours, although these tokens will not be tradable or transferable until the distribution phase is complete. All ICO participants will be able to sell or transfer their PUMP allocations on the first day they become tradable.

The platform expressed gratitude to all participants and looked forward to the future of Pump.fun and the broader Solana ecosystem. Despite the challenges faced in the days leading up to the ICO, including the abrupt removal of its pre-market listing by a crypto exchange, the ICO proceeded smoothly. The exchange returned funds to all presale participants and later revealed that its decision was based on discussions with the Pump.fun team. Despite this setback, participants bought tokens worth $5 million on the exchange.

The rapid conclusion of the ICO and the subsequent controversies surrounding the token allocation have raised questions about transparency and the management of the project. The crypto community continues to speculate about the reasons behind the changes in the token distribution plan and the potential implications for the future of Pump.fun. As the tokens become tradable, the market's reaction will provide further insights into the project's viability and the community's confidence in its leadership.