Memecoin Platform Pump.fun Raises $600 Million in Only 12 Minutes
This week saw Bitcoin reaching a new all-time high, sparking significant interest within the cryptocurrency community for various niche coins, many of which have limited practical applications.
On Saturday, Pump.fun—a platform on the Solana blockchain that enables users to create unique memecoins—captured attention by raising an impressive $600 million in merely 12 minutes during a public token sale, as reported by Bloomberg. This accomplishment brings the platform’s total funding to an astonishing $1.32 billion, following the sale of 180 billion tokens to private investors at a consistent price of $0.004 each.
This milestone is recognized as one of the largest initial coin offerings (ICOs) in cryptocurrency history.
Pump.fun marked this achievement on X (formerly Twitter) on July 9, indicating that investors from the U.S. and U.K. were excluded due to regulatory constraints. This move aligns with the White House’s ongoing support for the crypto industry, particularly considering the connections former President Donald Trump has with memecoins.
Memecoins—tokens often inspired by memes, celebrities, or internet culture—continue to draw speculative investments, despite their typical lack of real-world application in a volatile market. For instance, the Official Trump coin (TRUMP) has been hovering near its yearly lows.
The rapid rise of Pump.fun underscores a resurgence in ICO-style fundraising, which had seen a decline following the 2018 bubble and the ensuing regulatory scrutiny from the SEC under former chair Gary Gensler.
The current atmosphere suggests a more optimistic future. The Trump administration has voiced support for crypto endeavors, including meme coins and stablecoins, positioning Pump.fun to capitalize on this advantageous climate.
This week, the startup announced its inaugural 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 improving Pump.fun’s operational effectiveness.
Kolscan delivers wallet-level analyses, live transaction tracking, and a leaderboard that ranks Solana traders by performance. Pump.fun plans to incorporate 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.”
Moreover, Bitget Wallet has launched MemeScan, a mobile trading app tailored for high-volume and early-stage meme coin traders. Targeted at advanced users, MemeScan links directly with Pump.fun, reinforcing its status as a premier meme coin launchpad alongside this innovative platform.
As per the company’s update on X on July 9, Pump tokens are anticipated to be available for trading within 48 to 72 hours following the sale.
Nonetheless, the decision to execute a token sale has sparked some controversy. Cohen has previously deemed presales as “scams,” which has drawn criticism from various community members. Additional discussions emerged when Gate.io briefly listed PUMP for pre-market trading, only to retract and refund users, citing ongoing discussions with Pump.fun.
