- Pump.fun’s PUMP ICO raised $500 million in 12 minutes, achieving a $4 billion project valuation.
- The top 340 wallets secured 60% of tokens, indicating strong whale participation.
- Distribution of purchased PUMP tokens is scheduled to complete within three days post-ICO.
Pump.fun successfully concluded its highly anticipated PUMP token sale, completing the initial coin offering in just 12 minutes over the weekend. The Solana-based launchpad raised $500 million through the sale of 12.5% of the token’s total supply, valuing the PUMP token project at approximately $4 billion.
According to on-chain data, the ICO attracted strong investor interest. The bulk of the token sales about $448.5 million, was conducted on the Pump.fun official website. Additionally, several centralized exchanges contributed to the sale, with Kraken facilitating $30 million in purchases, KuCoin processing $16.5 million, and Gate.io handling another $5 million.
Whales Secure Majority of Token Allocation
Analysis from Dune Analytics revealed that the top 340 wallets acquired 60% of the ICO’s total volume. In total, 23,953 KYC-verified wallets participated in the presale on the Pump.fun website. On average, each buyer spent approximately $44,209 on PUMP tokens. Moreover, 5,758 wallets invested at least $1,000 each.
Pump.fun has confirmed that the distribution of PUMP tokens will be completed within the next two to three days. Currently, the tokens are neither transferable nor tradeable. The trading functionality is expected to be enabled once distribution is finalized.
Security Alerts Following Scam Incidents
The project team has issued reminders for users to remain cautious of scam tokens. Several misleading tokens have emerged using similar names. One PUMP holder recently lost $75,000 worth of tokens after attempting to burn fake airdropped assets, underscoring the risk.
While Pump.fun has maintained its position as the leading memecoin launchpad on Solana, it now faces growing competition. New entrants like LetsBONK.fun, backed by Bonk (BONK), are expected to challenge Pump.fun’s dominance and may impact daily platform revenues.
