The memecoin launchpad Pump.fun has completed one of the fastest-selling initial coin offerings (ICOs) to date.
In a post on the social media platform X, the Solana (SOL)-based platform says that its official native token, PUMP, sold out in just minutes during the ICO event on July 12th, generating millions of dollars in sales.
“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 PUMP tokens will now enter the distribution phase.”
All the tokens that were sold through the Pump.fun website and participating crypto exchanges will be transferred 48 to 72 hours after the sale. The tokens will become tradable and transferable once the protocol announces that the process is completed.
In an earlier statement, Pump.fun said that 33% of PUMP’s maximum supply of 1 trillion will be sold in the ICO, 24% is reserved for community and ecosystem initiatives, 20% is allocated for the team, 13% for the existing investors, 2.4% for the ecosystem fund, 2% for the foundation, 3% for livestreaming and 2.6% for liquidity and exchanges.
According to data from the crypto exchange Gate, the public token sale sold 125 billion PUMP at 0.004 USDT each, raising a total of $500 million.
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