Pump.fun, a Solana-based memecoin launchpad, plans to hold an initial coin offering (ICO) for its PUMP token starting on July 12.
Details of the PUMP Token ICO
The PUMP token ICO will begin on July 12 at 14:00 UTC and continue until July 15 or until the full allocation of 150 billion tokens is sold out, representing 15% of the total supply of 1 trillion tokens. Each token will be priced at $0.004, and users must complete KYC verification on Pump.fun's website or through partner exchanges.
Current State of Pump.fun
Since its launch in January 2024, Pump.fun has generated over $720 million in fees, but there has been a recent decline in revenue. The platform's market share has slipped below 60% due to increasing competition from other projects. The release of version 2.0 introduced new features and updates aimed at maintaining market position.
Controversies Surrounding PUMP Token
Critics point out the contradictory position of co-founder Alon, who previously spoke against the merits of presales, creating discontent within the community. Additionally, there was an incident with Gate.io, which temporarily listed PUMP for pre-market trading and then removed it, citing ongoing negotiations with Pump.fun.
The launch of the PUMP token and the upcoming ICO are generating significant interest, despite criticisms and market changes. New token utilities and an airdrop following the launch are expected to attract user engagement.
