Pump.fun Raises $600 Million in 12 Minutes, Totaling $1.32 Billion

Pump.fun, a Solana-based platform that allows users to create their own custom memecoins, made headlines by raising an astonishing $600 million in just 12 minutes during its public token sale. This remarkable achievement brings the platform’s total raise to $1.32 billion, following an earlier sale of 180 billion tokens to private investors at the same price of $0.004 per token. The sale is notable for being one of the largest initial coin offerings (ICOs) in crypto history.

Pump.fun announced the deal on July 9, specifying that investors from the U.S. and U.K. were not eligible to participate, likely to avoid regulatory complications. Founded in 2024 by Alon Cohen, Noah Tweedale, and Dylan Kerler, Pump.fun has quickly become a significant player in the memecoin market, generating nearly $800 million in revenue since its launch. The platform allows retail traders to create and trade joke tokens, capitalizing on the speculative nature of memecoins despite their often limited utility.

The success of Pump.fun comes at a time when ICO-style fundraising is experiencing a revival. The current administration's support for crypto, including memecoins and stablecoins, has created a favorable environment for such platforms. Earlier this week, Pump.fun completed its first acquisition, purchasing Kolscan, a wallet analytics tool that offers real-time tracking of top onchain traders. This acquisition is part of Pump.fun's broader vision to enhance social, gamified trading experiences by integrating features like wallet-level insights and live transaction tracking.

Pump.fun's meteoric rise is also marked by its recent partnership with Bitget Wallet, which launched MemeScan, a mobile-first trading app designed for high-volume and early-stage meme coin traders. MemeScan integrates directly with Pump.fun, making it the first meme coin launchpad to partner with the new platform. This collaboration further solidifies Pump.fun's position in the market and enhances its appeal to investors.

Despite the success, the decision to hold a token sale has not been without controversy. Cohen, one of the co-founders, had previously criticized presales as "scams," a stance that some in the community view as contradictory. Additionally, Gate.io briefly listed PUMP for pre-market trading before delisting it and refunding users, citing ongoing negotiations with Pump.fun. These incidents highlight the challenges and controversies that can arise in the fast-paced world of crypto fundraising.

Looking ahead, Pump tokens are set to become tradeable 48 to 72 hours after the sale ends. The rapid sell-out of the presale indicates a high level of enthusiasm and trust in the Pump.fun platform and its native token, PUMP. The platform's ability to generate significant revenue through memecoin launches demonstrates its potential to build a decentralized social network and foster a vibrant community around its tokens. However, investors should remain cautious and conduct thorough research before participating in ICOs, as the meme coin market is known for its volatility and speculative nature.