Solana’s Pump.fun has finally announced the details of its much-anticipated initial coin offering (ICO) on July 12. The meme coin launchpad plans to raise just over $1.3 billion, which it will use to launch products to rival Meta, TikTok, and Twitch.
Pump fun to raise $1.3 Billion Through PUMP Token Sale
In an X post, the meme coin launchpad announced that it is launching its PUMP token through an ICO on Saturday, July 12, an event it intends to use to raise just over $1.3 billion. The platform declared that the plan is to “kill Facebook, TikTok, and Twitch” on Solana.
This confirms an earlier CoinGape report, which revealed that the Pump.fun token sale event will take place this Saturday. The platform stated that it plans to replace existing social media platforms with one that gives instead of takes.
The meme coin launchpad said,
Whether you’re a trader, creator, startup founder, or anyone else, Pump fun will allow you to tap into a global network of instant money & attention.
The platform will raise this $1.3 billion through the sale of 33% of the total supply (1 trillion) of the PUMP tokens. This amounts to 330 billion, which will be available for sale during the ICO event on Saturday. The tokens will sell for $0.004 each, which amounts to $1.32 billion.
More Details On The PUMP ICO
Pump.fun has reserved 18% of these tokens for a private sale to institutional investors, while the remaining 15% will be available in a public sale. Both institutional and retail investors will pay the same $0.004 for each token.
There is no vesting period for these ICO tokens, and investors will be able to trade them immediately. Meanwhile, the tokens in the private sale are already sold out.
The public sale will take place on crypto exchanges, including Bybit, Kraken, Bitget, MEXC, Kucoin, and Gate. As CoinGape reported, Bybit had earlier revealed the ICO details, stating that EU investors would not be able to participate.
The meme coin launchpad also confirmed that US and UK citizens and residents can’t participate in the PUMP ICO. The public token sale will take place until all 150,000,000,000 tokens are sold or at 14:00 UTC on Tuesday, July 15, whichever comes first. Investors will be able to trade these tokens 48 to 72 hours after the token sale ends.
Pump.fun plans to use the PUMP token to grow its ecosystem by delivering value to its community and incentivizing the ecosystem that continues helping the platform succeed. The platform is considering utility mechanisms like fee rebates, token buybacks, or other incentives and promotions.
In an X post, the platform’s co-founder, Alon, stated that their forward-looking area includes improving the quality, sustainability, and diversity of launched coins. The platform will also double down on social media, with a major focus on the livestreaming feature. The platform will also continue to invest in the best user experience and further grow the team.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand.
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