Prepare for one of the largest token sales in crypto history as Solana-based memecoin platform Pump.fun gears up for its upcoming PUMP token offering.
The project is aiming to raise $1.32 billion, potentially securing the third spot among the highest-ever fundraising events in the industry.
According to data from Cryptorank, Pump.fun’s fundraising goal would place it just behind the now-defunct FTX exchange and EOS (now Vaulta) in terms of funds raised.
Terra’s $1.2 billion raise from LUNC currently holds third place, followed by UNUS SED LEO and bankrupt Celsius at $1 billion and $910 million, respectively.
The PUMP token launch by Pump.fun is scheduled for July 12, with a fixed supply of 1 trillion tokens. 33% of the tokens will be available through the initial coin offering (ICO).
18% of the tokens will be allocated for a private sale to institutional investors, while the remaining 15% will be sold to the public through exchanges like Kraken and KuCoin.
Each token will be priced at $0.004 with no vesting schedule, allowing all purchased tokens to be immediately available upon launch.
Market sentiments surrounding the PUMP token
Despite being yet to officially launch, the PUMP token has garnered significant interest in the market.
Pre-market perpetual contracts for the PUMP token have seen a more than 300% increase in volume, reaching $346 million, with $115 million in open interest, according to CoinGlass data.
This demonstrates strong investor anticipation for the upcoming crypto token.
However, there is also a growing level of skepticism from large crypto investors.
Onchain Lens, a blockchain data platform, reported that several crypto whales are shorting PUMP ahead of its launch, depositing millions of dollars into the Hyperliquid platform. This suggests a lack of confidence in the token’s long-term performance.
These whales anticipate a similar pattern to many Initial Coin Offerings (ICOs), expecting an initial surge followed by sharp price declines for the PUMP token.
