Good day everyone,
I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at the Pump.fun ICO.
Pump.Fun’s $PUMP ICO
The Initial Coin Offering (ICO) for $PUMP took place on the 12th of July and as part of the ICO saw 33% of tokens were allocated. It was also noted that 20% would go to the team and an airdrop is also planned, although no exact info or date has been given just yet. A further 24% of the supply was allocated to the ecosystem and future community projects, while 13% was reserved for existing investors.
The memecoin launch platform with its token $PUMP has a total supply of 1 trillion and the ICO sold out in a mere 12 minutes. A mixture of venture capitalists and the Solana community had touted the ICO as a showcase for capital formation in the age of internet capital markets and it achieved its goal of raising $500 million. Out of the 33% allotment a total of 18% went to went to institutional investors, and 15% was offered to retail traders.
A launch of this nature was always going to be high anticipated, and in essence it does not matter if traders view it as an item of optimism or of caution. It has caught attention as the major centralised exchange (CEX) Kraken have announced a collaboration with Pump.Fun while other platforms like Bybit and KuCoin are on it. With a mixed reaction overall the managing partner at venture capital firm Dragonfly, Haseeb Qureshi, noted:
“Beyond one of the largest ICOs ever, this will be one of the highest-grossing revenue tokens in crypto.”
However the founder of Truth for the Commoner (TFTC), Mary Bent, responded to Qureshi as she stated:
“Pump.fun and those supporting it, even if at arm's length, are Pied Pipers leading Gen Z to ruin.”
The 150 billion PUMP tokens, which represent 15% of PUMP’s total supply, were available for sale through the ICO at a price of $0.004. Pump.fun confirmed the conclusion of the sale, noting that it happened within 12 minutes and praising its community for participating:
“The $PUMP public sale has now ended. We are delighted to reveal that the $PUMP public sale was able to sell out in only 12 minutes. We would like to thank our entire community for participating!”
The distribution of the tokens are expected to take place within 48-72 hours of the ICO closing. The token will also only become tradable after the distribution phase has ended. The protocol went on to warn user to be careful with copycat tokens that may have similar names. It noted that the contract address for the official PUMP token is: pumpCmXqMfrsAkQ5r49WcJnRayYRqmXz6ae8H7H9Dfn.
https://x.com/pumpdotfun/status/1942947291083493495
Have a great day.
Peace. CryptoGod-1.
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