On July 12, Pump.fun offered 150 billion PUMP tokens, 15 per cent of the total circulation, and priced at 0.004 at auction which generated 600 million dollars in less than 12 minutes. This gave the fully diluted valuation of the platform a value of $4 billion. Furthermore increased total sales in terms of PUMP tokens to $1.32 billion. These tokens will be released during 72-hours and locked until July 15.
Participation and Access to exchange
The PUMP ICO was to be held at a number of centralized exchanges, Gate, Kraken, and KuCoin with their specific amounts of allocated money, which are 5 million, 30 million, and 16.5 million correspondingly. Bybit claimed to be oversubscribed because of API delays and would give refunds to unallocated users. The U.S. and U.K. investors were prevented by controls.
A Detail of Token Supply and Utility
The PUMP token is advertised as a utilitarian coin bound to the Pump.fun brand, which can also be used optionally through giveaways. The total supply is limited to 1 trillion of tokens. 33% of that was ICO allocation, 18%of which was in the form of a private sale and 15% .During this public round. In spite of internal inconsistencies, co-founder Alon Cohen confirmed that the entire public sale went as expected.
Miscue Community Reactions
There is a divided feeling in the crypto community over the relevance of ICO. The people in support draw on the fact that it has potential as revenue-sharing. With Dragonfly Haseeb Qureshi describing it as one of the highest grossing tokens. Opponents think otherwise and the XBorg team Jeremie Henicz and TFTC Marty Bent regard it as cringe and misleading. There is also the concern, raised by analysts, regarding Pump.fun keeping close to 40% of the supply under its responsibility.
