Pump.fun, a meme coin launchpad on Solana, has successfully concluded its Initial Coin Offering (ICO) for its cryptocurrency PUMP, yet questions and discussions arose around this event.
Speculation Around Pump.fun ICO
Data from the Pump.fun token website shows that the ICO raised $500 million. The platform sold 12.5% of the total PUMP supply for $0.0040 each in a public offering.
The platform announced the ICO on July 9, stating that its native token would have a maximum supply of one trillion. 33% of the supply was to be sold at the ICO, with 24% reserved for community and ecosystem initiatives, and 20% allocated to the project’s team.
Tokens to be Tradeable in 72 Hours
While the crypto community speculates about what happened, Pump.fun confirmed that the tokens kept for the private sale have been allocated to their buyers. Public sale participants will receive their assets within the next 48-72 hours. However, they will not be tradable or transferable until the distribution phase is completed.
All ICO participants will be able to sell or transfer their PUMP allocations on the first day they become tradable.
Challenges Before the ICO Launch
It is worth mentioning that Pump.fun faced several challenges leading up to the ICO. On July 8, the crypto exchange Gate.io abruptly removed its pre-market listing for PUMP and returned funds to all presale participants. The exchange revealed that this decision stemmed from discussions it had with the Pump.fun team. Notwithstanding the incident, ICO participants bought tokens worth $5 million on the exchange.
In conclusion, Pump.fun’s ICO, which raised $500 million in 12 minutes, remains surrounded by speculation and concerns about project transparency, while the expectations for the token remain high.
