Memecoin Platform Pump.fun Raises $600 Million in Just 12 Minutes
This week, Bitcoin reached a new all-time high, sparking significant interest within the cryptocurrency community, especially regarding various niche coins that often lack utilitarian functions.
On Saturday, Pump.fun—a platform built on the Solana blockchain enabling users to create custom memecoins—made headlines by raising an impressive $600 million in just 12 minutes during a public token sale, according to Bloomberg. This extraordinary achievement raises the platform’s total funding to a staggering $1.32 billion, following the sale of 180 billion tokens to private investors at a fixed price of $0.004 each.
This accomplishment is recognized as one of the largest initial coin offerings (ICOs) in cryptocurrency history.
Pump.fun commemorated this milestone on X (formerly Twitter) on July 9, noting that investors from the U.S. and U.K. were excluded due to regulatory reasons. This strategy aligns with the White House’s ongoing support for the crypto sector, particularly considering former President Donald Trump’s connections to memecoins.
Memecoins—tokens often inspired by memes, celebrities, or internet culture—continue to draw speculative investments, despite frequently lacking real-world applications in a volatile market. For instance, the Official Trump coin (TRUMP) has been trading close to its yearly lows.
The rapid rise of Pump.fun underscores a revival in ICO-style fundraising, which had waned following the 2018 bubble and subsequent regulatory scrutiny from the SEC under former chair Gary Gensler.
The current climate indicates a more optimistic outlook. The Trump administration has voiced support for crypto activities, including meme coins and stablecoins, positioning Pump.fun to capitalize on this favorable environment.
This week, the startup also announced its first acquisition, securing Kolscan, a wallet analytics platform. This acquisition will enhance real-time tracking of key on-chain traders, known as key opinion leaders (KOLs), thereby boosting Pump.fun’s operational efficiency.
Kolscan offers wallet-level analyses, live transaction tracking, and a leaderboard that ranks Solana traders based on performance. Pump.fun plans to integrate these features to provide “entirely new experiences” for users while promoting social and gamified trading.
Co-founder Cohen highlighted the significance of the Kolscan acquisition within a broader vision, stating: “on-chain trading is a social sport.”
Additionally, Bitget Wallet has launched MemeScan, a mobile trading app aimed at high-volume and early-stage meme coin traders. Targeted at advanced users, MemeScan connects directly with Pump.fun, solidifying its status as a leading meme coin launchpad alongside this innovative platform.
According to the company’s update on X from July 9, Pump tokens are anticipated to be available for trading within 48 to 72 hours following the sale.
However, the decision to conduct a token sale has stirred some controversy. Cohen previously labeled presales as “scams,” attracting criticism from various community members. Further discussions emerged when Gate.io briefly listed PUMP for pre-market trading, only to retract and refund users, citing ongoing discussions with Pump.fun.
