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Pump.funA platform that allows everyone to create and trigger memecines, closed On Saturday one of the largest and fastest initial coin offers (ICO). Within 12 minutes From the living ICO, the platform received $ 600 million from the sale of 15% of its token offer for $ 0.0040.
ICO, which ended much faster than the assigned 72 hours, according to the platform, gave a fully diluted platform award to $ 4 billion.
Over the next 48-72 hours, all 150 billion pump tokens will be transferred to investors. However, the begins will remain impatient and unsurpassed Until the platform complements the distribution phase until July 15, according to the ICO drop data.
The pump token was available for sale on various centralized stock exchanges, including the gateway, Krakenand Kucoin, each of which has recorded a cumulative investment worth $ 5 million, $ 30 million and $ 16.5 million.
Bybit notified The fact that due to the unexpected delay in its application programming interface (API), the sale of the pump was rewritten. The exchange said it verifies the final assignment of users whose means are frozen. For users who did not receive the allocation, Bybits said it will return all the funds.
Investors from the US and the UK were forbidden to participate in ICO for regulatory reasons. According to Bloomberg, today’s ICO moved the pump. Total sale of tokens to $ 1.32 billion.
All about the pump token
The platform describes the token of the pump as “the service coin that will be used along the pump brand for the pump.Fun protocols.”
The holders of the pump token may decide to participate in promotional gifts. However, the pump.Fun explains that its protocols will remain without permission and will not require the use of pump tokens.
The maximum delivery of the pump token is limited to 1 trillion, of which 33% or 330 billion tokens are assigned ICO. 33% of 18% or 180 billion tokens were sold to institutional investors in private sales, VX platform said post. The remaining 15% were sold to maintain investors during today’s ICO.
It is worth noting that the data pump. Fun shows that only 12.5% of the token delivery was sold a total of $ 500 million. However, co -founder of the pump.fun Alon Cohen said Bloomberg that all 15% of the pump delivery was sold in today’s ICO according to previously announced plans.
Community reaction
Despite the undeniable success of ICO pump.fun, the crypt community is divided through its merits. This is especially with regard to the pump. Letsbonk, and Solan-The Launchpad memecoin, according to the last week, has been more volume than a pump in the last week. data.
Notes that he is not an investor, Haseb Qureshi, a Venture Capital control partner, Dragonfly, note:
“The $ pump gets 25% of the pump revenue, so beyond one of the largest ICOs ever, it will be one of the highest tokens of gross income in the crypto.”
Others are less enthusiastic about ICO. For example, Jeremie Henicz, Head of Xorg AI, he asked If he is the only one who finds it “crouches” while reacting to Qureshi. Similarly Marty Bent, founder of Truth for the Commomer (TFTC), established:
“Pump.fun and those who support it (although on the length of the arm) are the Pied Pipers leading gene to destruction.”
Even before ICO, many criticized the token’s platform. For example, a crypto researcher Rex called Exploitative tokenomics of the platform, with almost 40% of tokens assigned to the pump.
