Solana-based memecoin launchpad Pump.fun raised $600 million in just 12 minutes during the highly anticipated public sale of its PUMP token.
The platform’s co-founder Alon Cohen confirmed the numbers to Bloomberg on July 12. The 150 billion tokens sold for $0.004 in the public sale followed the 180 billion tokens sold in a private sale earlier that week, putting the total sale amount at $1.32 billion.
“PumpFun just became the 3rd largest ICO in history,” said onchain analyst @Adam_Tehc on X, sharing a Dune dashboard documenting the details.
According to the dashboard, the average pre-sale buy size was $44,209, with 202 wallets buying more than $1 million in PUMP tokens.
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Only 42.3% of the 23,959 wallets that completed KYC steps were successful buyers. Crypto exchange Bybit said “an unexpected API delay” resulted in the offering being oversubscribed, which in turn led to a portion of users not receiving allocations.
Kraken co-CEO Arjun Seithi blamed “system constraints” for users not being able to complete orders, despite arriving at the website on time.
Both Bybit and Kraken said they would fully refund affected users.
After the sellout, Pump.fun and participating exchanges entered a 48 to 72 hour distribution phase during which PUMP tokens remain non-transferable and untradable.