Memecoin platform Pump.fun targets third-largest token sale in history
Solana-based memecoin platform Pump.enjoyable is getting ready for what may change into one of many largest token gross sales in crypto historical past.
The venture goals to boost $1.32 billion via its upcoming PUMP token providing, doubtlessly securing the third spot among the many highest-ever fundraising occasions within the trade.
In accordance with information from Cryptorank, Pump.enjoyable’s fundraising aim would put it simply behind the now-defunct FTX change, which raised $1.75 billion from its FTT sale. It might additionally observe EOS (now Vaulta), which raised $4.26 billion in 2018.
Terra’s $1.2 billion elevate from LUNC at the moment holds third place, adopted by UNUS SED LEO and bankrupt Celsius at $1 billion and $910 million, respectively.
Pump.enjoyable has scheduled the PUMP token launch for July 12. The token can have a hard and fast provide of 1 trillion, with 33% allotted for its preliminary coin providing (ICO).
Of that, 18% shall be distributed through a personal sale to institutional traders. The remaining 15% shall be offered to the general public via exchanges like Kraken, KuCoin, and others.
Every token shall be priced at $0.004 and don’t have any vesting schedule, that means all bought tokens shall be instantly obtainable upon launch.
Market sentiments across the PUMP token
Nonetheless, even earlier than its official launch, the token has generated important curiosity available in the market.
In accordance with CoinGlass data, pre-market perpetual contracts for the PUMP token have jumped by greater than 300% to achieve $346 million in quantity, with $115 million in open curiosity.
This means robust investor anticipation in regards to the yet-to-launch crypto token.
Regardless of this early pleasure, there’s rising skepticism from massive crypto traders.
Onchain Lens, a blockchain information platform, reported that a number of crypto whales are betting towards the token’s value by shorting PUMP forward of its launch. These whales have deposited thousands and thousands of {dollars} into the Hyperliquid platform, signaling a insecurity within the token’s long-term efficiency.
Whales anticipate that PUMP will observe the standard sample of many Preliminary Coin Choices (ICOs). This implies they consider the token would expertise an preliminary surge adopted by sharp value declines.
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