Solana-based Pump.fun Aims to Raise $1.32 Billion in Token Sale

Solana-based memecoin platform Pump.fun is gearing up for a significant token sale, aiming to raise $1.32 billion through its upcoming PUMP token offering. This ambitious fundraising goal positions Pump.fun as a potential contender for one of the largest token sales in crypto history, trailing only behind the now-defunct FTX exchange, which raised $1.75 billion from its FTT sale, and EOS, which raised $4.26 billion in 2018.

The PUMP token launch is scheduled for July 12, with a fixed supply of 1 trillion tokens. Of this supply, 33% will be allocated for the initial coin offering (ICO), with 18% distributed via a private sale to institutional investors and the remaining 15% sold to the public through exchanges. Each token will be priced at $0.004, with no vesting schedule, meaning all purchased tokens will be immediately available upon launch.

Despite the significant interest and high pre-market volume for the PUMP token, there is growing skepticism from large crypto investors. Onchain Lens, a blockchain data platform, reported that several crypto whales are betting against the token’s price by shorting PUMP ahead of its launch. These whales have deposited millions of dollars into the Hyperliquid platform, signaling a lack of confidence in the token’s long-term performance. Whales anticipate that PUMP will follow the typical pattern of many Initial Coin Offerings (ICOs), experiencing an initial surge followed by sharp price declines.

This divergence in market sentiment highlights the contrasting views between retail investors and institutional players. While retail investors are eagerly anticipating the PUMP token launch, institutional investors are more cautious, preparing for potential market corrections. This dynamic underscores the importance of thorough due diligence and risk management in the volatile crypto market.