Pump.fun formally announces token, sets ICO date
Pump.fun’s launch partners include Kraken, Kucoin, Bitget, Bybit, Gate and MEXC
CryptoFX/Shutterstock and Adobe modified by Blockworks
Pump.fun’s initial coin offering is set to take place on Saturday, July 12.
While there’s been speculation and reporting around a potential PUMP token, the announcement Wednesday is the first official communication from the team. Blockworks previously reported that pump.fun planned to raise $1 billion through a token sale, which would put the valuation at $4 billion.
The PUMP ICO will not be made available to US or UK investors, the platform said.
The tokens will be sold for $0.004 apiece. With a maximum supply of one trillion tokens, that means the public sale will happen at a $4 billion fully diluted valuation. Only 49 tokens currently hold that high of an FDV, per CoinGecko.
Large tranches of the token are also set to be allocated to pump.fun’s team, investors and community. While the account promised that an airdrop is “coming soon,” it was not immediately clear when it would take place. The company did not immediately respond to a request for comment.
Source: Pump.fun’s X account
According to the announcement, Kraken, Kucoin, Bybit, Bitget, Gate and MEXC are all launch partners.
“[P]ump fun invented a completely new way to launch tokens, owned this crypto cycle, and became one of the most successful startups ever. now, we’re aiming to kill legacy social media platforms,” pump.fun’s pseudonymous co-founder alon wrote on X. “$PUMP will fuel our domination of crypto and social media.”
This is a developing story.
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