Solana’s memecoin platform Pump.fun is gearing up for what could potentially be one of the largest token sales in crypto history. The project is aiming to raise a whopping $1.32 billion through its upcoming PUMP token offering, which could secure it the third spot among the highest-ever fundraising events in the industry.
If Pump.fun is successful in reaching its fundraising goal, it would fall just behind the now-defunct FTX exchange, which raised $1.75 billion from its FTT sale, and EOS (now Vaulta), which raised $4.26 billion back in 2018. Currently, Terra’s $1.2 billion raise from LUNA holds third place, followed by UNUS SED LEO and bankrupt Celsius at $1 billion and $910 million, respectively.
The highly anticipated PUMP token launch is scheduled for July 12, with a fixed supply of 1 trillion tokens. 33% of these tokens will be allocated for the initial coin offering (ICO), with 18% set aside for a private sale to institutional investors and the remaining 15% available to the public through exchanges like Kraken and KuCoin.
Each PUMP token will be priced at $0.004 with no vesting schedule, allowing all purchased tokens to be immediately available upon launch.
Despite the buzz surrounding the token, there has been some skepticism from larger crypto investors. Pre-market perpetual contracts for the PUMP token have seen a significant increase of over 300%, reaching $346 million in volume with $115 million in open interest, indicating strong investor anticipation.
However, some crypto whales have been betting against the token’s price by shorting PUMP ahead of its launch. These whales have deposited substantial amounts of money into the Hyperliquid platform, suggesting a lack of confidence in the token’s long-term performance. They anticipate that PUMP may follow the typical pattern of many Initial Coin Offerings (ICOs), experiencing an initial surge followed by sharp price declines.
Overall, the market sentiments around the PUMP token remain mixed, with excitement from some investors and caution from others. It will be interesting to see how the token performs post-launch and whether it can live up to the hype surrounding it.