Bibit has confirmed details of the much-anticipated pump. Huntoken Sales reveals that users registered through the European Union regulatory platform Bybit.eu will not be able to participate, citing compliance with the European Union’s market under the European Union’s Crypto Asset Regulation (MICA).
According to a Wednesday press release shared with CointeLegraph, the public sale of Pump, the native token of the no-code Memecoin Launchpad Pump.Fun, will open at 2:00pm UTC on Saturday and will run until Tuesday.
A total of 150 billion pump tokens, 15% of the total supply of 1 trillion, will be offered at a fixed price of USD 0.004 per token.
Currently, BYBIT, the world’s second largest crypto exchange by volume, is the only major platform participating in sales, the announcement said. Many other exchanges also support token sales.
Bybit supports subscriptions for USDT (USDT), USDC (USDC), Solana (SOL), and BBSOL, providing access to both Stablecoins and Solana-Native assets.
Bybit has become the second major crypto exchange to reveal details of upcoming pump token sales, according to gate.io. On Tuesday, gate.io briefly published a page that outlines the $600 million pump token sales.
In X’s Wednesday post, shortly after the sale was revealed by Bybit, Pump.fun officially announced the token sale. “Our plan is to kill Facebook, Tiktok and Twitch. In Solana,” the platform writes.
Related: gate.io removes page showing $600 million pump.fun token sales
Pump.Fun rises prominently
Released in January 2024, Pump.Fun quickly became prominent to allow users to create and exchange Memecoin with zero coding skills. The platform’s gaming interface and virus mechanics have driven a wave of on-chain experiments in Solana, turning casual users into active token creators and traders.
Last month, rumors began to flutter that the platform was preparing to sell $1 billion tokens at a $4 billion valuation.
The crypto community is divided into its responses. Some expressed excitement about potential listings and trading opportunities, while others criticised the platform’s impact on the space.
Social media personality Ash Crypto reportedly lost money when Pump.Fun transformed Altcoin investors into “Memecoin Gamblers,” pointing to the $700 million worth of extracted value, with most users reportedly losing money.
Defillama’s data shows that Pump.Fun has already generated nearly $715 million in revenue. The platform has generated more than $35 million in the past month alone.
Related: Bots behind most tokens in Pump.fun and Letsbonk
Pump.Fun’s momentum decreases
Pumps despite the hype surrounding token sales, Dune said. Defillama has reported a steep 80% slump in the platform’s daily volume for the past six months.
The slump occurs when new competitors enter the space. Cointelegraph reported Monday that emerging Launchpad Letsbonk surpasses Pump.fun’s daily revenue, bringing in $1 million, indicating a potential change in Memecoin’s control.
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