Pump.fun, a Solana-based platform, is preparing for an initial coin offering (ICO) that will take place from July 12 to 15 on the Gate.io exchange. The volume of tokens to be offered for sale is 150 billion, starting at a price of approximately $0.004.
ICO Details
The ICO for the PUMP token will take place from July 12 to 15, with a plan to sell 150 billion tokens. The total token supply will be 1 trillion, leading to a fully diluted valuation of approximately $4 billion.
Market Competition and Challenges
The Pump.fun platform showcases strong income results, but is facing increasing competition from LetsBONK.fun, which recently recorded daily revenue exceeding $1 million compared to Pump.fun's $533k. This is attributed to the success of the Bonk (BONK) memecoin, one of the largest projects on the Solana network.
Legal Issues and Risks
Pump.fun is facing legal challenges, including lawsuits accusing the platform of enabling 'pump and dump' schemes. Moreover, there is a high number of bots on the platform creating tokens that do not develop into community-focused projects.
While Pump.fun is preparing to conduct its ICO, it faces competitive risks and legal challenges that may affect its future in the market.
