Pump.fun Concludes $500M ICO in 12 Minutes — But Something Doesn’t Add Up
The post Pump.fun Concludes $500M ICO in 12 Minutes — But Something Doesn’t Add Up appeared on BitcoinEthereumNews.com. The Solana-based meme coin launchpad, Pump.fun, has concluded the initial coin offering (ICO) for its native cryptocurrency, PUMP. Although the platform completed the public sale in 12 minutes, there are some controversies surrounding it. Data from the Pump.fun token website shows that the launchpad raised $500 million during the sale. The platform sold 12.5% of the PUMP total supply for $0.0040 each in a public offering. Speculation Around Pump.fun ICO When announcing the ICO on July 9, Pump.fun said its native token will have a maximum supply of one trillion. 33% of the supply was to be sold at the ICO, 24% reserved for community and ecosystem initiatives, and 20% to the project’s team. The project allocated 13% to existing investors, and the rest in smaller percentages to the ecosystem fund, exchange liquidity, and live streaming. Out of the 33% allocated to the ICO, Pump.fun decided to keep 18% for a private sale to institutional buyers. The remaining 15%, accounting for 150 billion PUMP, will be offloaded in a public sale. However, data on the project’s website shows the team eventually offloaded only 12.5% of the supply in the public sale. At the time of writing, the firm has not published any update regarding the changes; hence, the community is speculating what could have happened to the remaining 2.5%. Tokens to be Tradeable in 72 Hours While the crypto community continues speculating, Pump.fun confirmed it has allocated the tokens kept for the private sale to their buyers. Users who participated in the public sale will receive their assets within the next 48-72 hours. However, they will not be tradable or transferable till the distribution phase is over. All ICO participants will be able to sell or transfer their PUMP allocations on the first day they become tradable. “We’d like to…
The post Pump.fun Concludes $500M ICO in 12 Minutes — But Something Doesn’t Add Up appeared on BitcoinEthereumNews.com.
The Solana-based meme coin launchpad, Pump.fun, has concluded the initial coin offering (ICO) for its native cryptocurrency, PUMP. Although the platform completed the public sale in 12 minutes, there are some controversies surrounding it. Data from the Pump.fun token website shows that the launchpad raised $500 million during the sale. The platform sold 12.5% of the PUMP total supply for $0.0040 each in a public offering. Speculation Around Pump.fun ICO When announcing the ICO on July 9, Pump.fun said its native token will have a maximum supply of one trillion. 33% of the supply was to be sold at the ICO, 24% reserved for community and ecosystem initiatives, and 20% to the project’s team. The project allocated 13% to existing investors, and the rest in smaller percentages to the ecosystem fund, exchange liquidity, and live streaming. Out of the 33% allocated to the ICO, Pump.fun decided to keep 18% for a private sale to institutional buyers. The remaining 15%, accounting for 150 billion PUMP, will be offloaded in a public sale. However, data on the project’s website shows the team eventually offloaded only 12.5% of the supply in the public sale. At the time of writing, the firm has not published any update regarding the changes; hence, the community is speculating what could have happened to the remaining 2.5%. Tokens to be Tradeable in 72 Hours While the crypto community continues speculating, Pump.fun confirmed it has allocated the tokens kept for the private sale to their buyers. Users who participated in the public sale will receive their assets within the next 48-72 hours. However, they will not be tradable or transferable till the distribution phase is over. All ICO participants will be able to sell or transfer their PUMP allocations on the first day they become tradable. “We’d like to…
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