The pump.fun platform, which specializes in launching meme cryptocurrencies, conducted a public sale of the PUMP token and raised $600 million in less than 12 minutes.
This is reported by Business • Media
Record Demand and Token Sale Details
The token sale, which started on July 12, was scheduled for 72 hours; however, the entire volume of tokens available for public placement was sold out in a matter of minutes. Some tokens were purchased in less than a minute after the sale began. A total of 15% of the total volume of 1 trillion PUMP was offered for sale at a price of $0.004 per token. This valuation estimates the project at $4 billion. Co-founder Alon Cohen confirmed that the full quota of 15% was sold out, and the funds raised amounted to $600 million.
According to estimates by Split Capital crypto fund founder Zahir Abtikar, the actual demand for PUMP exceeded $2 billion, with a significant portion of applications remaining unfulfilled:
“If $500 million was purchased on-chain, then another $500 million to $1.5 billion could have been left unfilled on exchanges, plus at least $300 million — on-chain without fulfillment.”
Implications for Users and Exchange Reactions
One of the launch partners, the Bybit exchange, explained that due to API delays, the number of people wanting to purchase tokens significantly exceeded the available supply. Some users did not receive tokens despite successfully submitting their applications, and they will receive a full refund.
Cryptocurrency exchange Kraken also announced a free airdrop of PUMP for those who were unable to complete their purchases due to technical limitations. As co-head Arjun Sethi noted, affected users were identified through internal logs, and tokens will be credited automatically after the coin’s launch.
“Events like this demonstrate the importance of access, speed, and reliability. We continue to invest in all three aspects,” Sethi stated.
The pump.fun team emphasized that the PUMP token will be fully functional from launch, and additional utility mechanisms, such as fee discounts, token buybacks, or other incentives, are under consideration.
pump.fun announced plans to use the funds raised to achieve an ambitious goal — “to take down Facebook, TikTok, and Twitch… on Solana.” According to a platform representative, since its launch, it has already generated nearly $800 million in revenue and remains one of the strongest drivers of meme coin growth on the Solana blockchain.
It is worth noting that in April 2025, Alon Cohen emphasized that pump.fun did not plan to launch its own token. However, the situation changed, and the project conducted a large-scale token sale. Previously, the launch date was postponed from June 25 due to legal risks, and information about the event on the Gate.io exchange website was published prematurely and quickly removed.