MemeCoin Launch Platform Pump.Fun raised $500 million on its first coin product (ICO) on Saturday.
The maximum supply of pump tokens was 1 trillion, with 33% of the supply being allocated to ICOs. According to the MemeCoin platform, 24% of the supply will be allocated to ecosystem and future community projects, with 13% being booked for existing investors.
Of the 33% ICO allocation, 18% were sent to institutional investors and 15% were provided to retailers. Pump.Fun’s ICO could mark the return of the Memecoin sector, which experienced a sharp decline after being one of the most performant asset classes in 2024.
The Public Token Sale also portends the revival of the supply of the first coins that had been leaked due to US regulatory pressures under the reign of former Securities and Exchange Commission (SEC) Chairman Gary Gensler.
Related: Pump.Fun buys Kolscan on the first acquisition and buys Eyes Gameified Trading
Crypto Community Voice: Mixed Reactions to Pump.fun and Token Sale
Despite raising $500 million in ICOs, the crypto community is split into effects of Pump.fun and Mecoins in general, celebrating the growth of the platform, others claiming it is net-negative for the space.
“Beyond one of the biggest ICOs to date, this will be one of the best-selling revenue tokens in crypto,” said Haseeb Qureshi, managing partner at Venture Capital Firm Dragonfly.
https://www.youtube.com/watch?v=umum1btcrdq
Mary Bent, founder of Truth for the Commoner (TFTC), responded to Qureshi, saying, “Pump.Fun and those who support it are pipers who ruin Gen Z, even if it’s arm length.”
Conor Grogan, head of product at Coinbase, said competitors like Letsbonk, where the “majority” of tokens launched on MemeCoin creation platforms like Pump.Fun are created by automated bots.
“There’s one person in charge of the roughly 18,000 tokens created with PumpFun. They wake up and on average make about an hour before they go to bed, and they seem to start over again every day.
magazine: Memokine is ded, but despite the sharp decline in revenue, the solana ‘100x is good.”
