On July 12, the ICO of the PUMP token from Pump.fun raised $500 million in just 12 minutes. However, many participants faced issues in receiving their tokens.
Token Sale and Access Issues
The ICO of PUMP was completed within just 12 minutes. However, users across several platforms faced technical problems. According to the ICO website, only $51.5 million was processed through three centralized exchanges (CEX). The majority, 89.7% of the token supply, was purchased directly on Pump.fun.
The sale was available on the following exchanges:
* Bitget * Kraken ($30 million) * Bybit * MEXC * KuCoin ($16.5 million) * Gate ($5 million)
Participants reported delays in processing applications and were unable to receive their allocations. Kraken's CEO Arjun Sethi announced an additional airdrop of tokens for users affected by the technical glitch.
Statistics and Consequences of the ICO
According to Dune, the total number of ICO participants was nearly 24,000, of whom only 10,145 were able to purchase the token. The average investment amount was $44,209. Data from Bubblemaps shows that more than 75% of the total PUMP supply is concentrated in 843 addresses that bought allocations over $100,000, of which 179 wallets hold $1 million or more worth of tokens.
Currently, pre-market trading for PUMP is available on Hyperliquid, where the token has consistently traded above the presale price. At its peak, the rate reached $0.0072. The public launch of the auction is scheduled for July 15.
Expert Opinions on PUMP Token
Opinions on the success of the token sale remain mixed. Hasib Qureshi, managing partner at Dragonfly Venture Fund, commented:
> ”PUMP will receive 25% of the trading proceeds, so in addition to being one of the largest ICOs in history, the token will also be one of the most profitable in terms of gross proceeds in the crypto industry.”
Pump.fun's founder, known as Alon, described the sale of 15% at $600 million, while the sell page lists 12.5% or $500 million. A trader under the pseudonym Ashcryptoreal commented on the speed of the fundraising:
> ”Pumpfun has closed an investment round. $600 million in 12 minutes. People haven't learned anything.”
On-chain analyst rezxbt called PUMP tokenomics a threat to liquidity, noting that 40% of the total token supply is concentrated in the hands of the project team.
The ICO of the PUMP token from Pump.fun has attracted investor attention despite technical issues and mixed opinions from experts about its future. The token's public trading launch is set for July 15.
