The Pump.fun platform has announced the upcoming launch of its official PUMP token through an initial coin offering (ICO) scheduled for July 12.
Details of the PUMP Token Launch
Pump.fun confirmed the upcoming token sale on July 9 via its X account. During the ICO, 15% of the total token supply, which equates to 150 billion PUMP out of a maximum of 1 trillion, will be offered to the public. Notably, 18% of the supply was already allocated to institutional investors in a private sale.
Market Competition and Current Situation
Since launching in January 2024, Pump.fun has generated over $720 million in fees. However, recent data indicates a downward trend in revenues. The company's market share has slipped below 60% amid rising competition, particularly with rivals like LetsBonk.fun.
Doubts and Discussions Surrounding the ICO
The decision to launch a token has sparked debate, especially regarding co-founder Alon's previous statements labeling presales as scams. Additionally, confusion arose when Gate.io briefly listed PUMP for pre-market trading, only to delist it, citing ongoing discussions with Pump.fun.
The launch of the PUMP token via ICO positions Pump.fun at a new stage amid competitive market conditions, though it raises questions about previous statements made by the company’s leadership.
