Pump.fun Raises $500M in just 12 Minutes in Explosive Token Sale

Pump.fun, a memecoin launchpad built on the Solana blockchain, has seen significant success in the sales of its newly launched Pump token. The platform has raised $500 million from the public in just 12 minutes. Initially planned as a 72-hour token sale, it sold out almost instantly, indicating strong interest in memecoins and growing support for new crypto platforms. A Fast and Successful Sale Pump.fun’s record-breaking token sale has put it in the spotlight. The platform sold 12.5% of its total token supply, equivalent to 125 billion PUMP tokens, for $0.004 per token. The sale was hosted across multiple exchanges and was open to users who completed their know-your-customer (KYC) checks. Though the sale was scheduled to run for three days, all tokens were sold in just 12 minutes. The launchpad raised half a billion dollars. In recent X post , the Pump.fun team says their goal is to kill Facebook, TikTok, and Twitch on the Solana blockchain. They aim to develop a Web3 platform that rivals the world’s largest social apps, leveraging blockchain technology. To support this mission, the team is looking at possible incentives for PUMP token holders. These may include token buybacks, fee rebates, and other rewards. In May, Pumpfun also announced plans to reward token holders to grow a loyal and engaged community. Pump.fun’s Token Distribution Details Recently Pump.fun revealed it has a total token supply of 1 trillion PUMP tokens . Of this, 33% is allocated to the token sale. That includes 18% already distributed in a private sale and 15% reserved for the public. However, only 12.5% of that was made available to the public in the recent event, according to the official token sale website. Pump.fun created a total of 1 trillion PUMP tokens. Out of this, 33% was set aside for the token sale. From that amount, 18% had already been sold in a private sale. The team planned to sell the remaining 15% to the public, but only 12.5% was offered in this public sale, according to the sale website. Pump.fun Faces Strong Competition From Launchpad Rival Pump.fun is not alone in the race. Its biggest rival, LetsBONK, is also building a memecoin launchpad on Solana and supports the BONK token ecosystem. Recent data from Dune Analytics shows that LetsBONK processed more trading volume than Pump.fun over the past week. However, Pumpfun’s recent success shows that it is determined to keep its crown as a major force on Solana, leading the memecoin market trend . The post Pump.fun Raises $500M in just 12 Minutes in Explosive Token Sale appeared first on TheCoinrise.com .

Source: The Coin Rise