Catenaa, Monday, July 14, 2025- Memecoin launchpad Pump.fun raised $600 million in a record-setting public sale of its PUMP tokens, completing the offering in just 12 minutes, far ahead of its scheduled 72-hour window.
The platform offered 15% of its total 1 trillion token supply at a rate of $0.004 per token. Initial confusion around the sale’s size was clarified by co-founder Alon Cohen, who told Bloomberg that the full 15% allotment was indeed sold, contradicting earlier reports suggesting only 12.5% had been offered. The sale values Pump.fun at a fully diluted valuation of $4 billion.
The token launch was hosted across multiple exchanges and was limited to users who passed KYC verification. Bybit, one of the participating exchanges, acknowledged an unexpected API delay that led to oversubscription and said it is reviewing allocations and refunding users who failed to receive tokens.
Pump.fun stated that while the token would launch with full functionality, the team is considering additional mechanisms such as fee rebates, buybacks, and sharing of protocol revenue with token holders.
The token sale comes amid heightened competition from LetsBONK, a rival Solana-based memecoin platform, which reportedly outpaced Pump.fun in trading volume over the past week, according to Dune Analytics data.
The rapid sellout highlights continued investor enthusiasm for memecoins and Solana-based token ecosystems, despite volatility in the broader market.
