Pump.fun Sells Out $500M in 12 Minutes

Pump.fun, a memecoin launchpad, has made headlines by raising $500 million from its token sale to the public in a mere 12 minutes, surpassing the 72-hour window initially set for the sale. The platform offered 12.5% of its total supply of 1 trillion PUMP tokens at a price of $0.004 each. Available across multiple exchanges for users who completed KYC checks, the sale aims to fund Pump.fun's ambitious goal to "Kill Facebook, TikTok, and Twitch...On Solana." The team has indicated that while the token will be fully operational at launch, they are evaluating various utility mechanisms, including fee rebates and token buybacks, to enhance value for holders. Token distribution wise, 33% of the PUMP supply is reserved for its initial coin offering, with 18% allocated through a private sale and only 12.5% available to the public during the recent sale. This token event occurs amidst rising competition from LetsBONK, a rival Solana-based memecoin launchpad that is gaining traction with the BONK ecosystem and has reportedly surpassed Pump.fun in trading volume over the last week. Disclaimer: The Block operates independently and is funded by firms including Foresight Ventures, which is involved in various crypto investments. This article is for informational purposes only and shouldn't be considered legal or financial advice.