Hyperstition #47 — July 14, 2025
PUMP token starts trading after filling $500M public sale Saturday.
Pump.fun sells out $500M public token sale in 12 minutes, trading begins
The Solana launchpad raised $500M in one of crypto’s largest and fastest ICOs.
The PUMP token has traded at an FDV of more than $5B since unlocking Monday.
Pump.fun, the Solana-based memecoin launchpad, raised $500 million in a public token sale Saturday, completing one of the fastest and largest capital raises in recent crypto history.
The Saturday presale sold out in just 12 minutes and capped off a week of escalating momentum following the acquisition of wallet-tracking platform Kolscan and confirmation of long-rumored revenue-sharing plans.
The offering distributed 125 billion PUMP tokens at $0.004 each, implying a fully diluted valuation (FDV) of $4 billion. The public allocation was quietly reduced from the originally stated 150 billion tokens. No explanation for the scale-back was given.
U.S. and U.K. users were excluded from the pre-sale due to KYC restrictions, but global secondary trading began as soon as the distribution window closed.
Trading commences
The token unlocked Monday morning, and PUMP is now trading freely on Solana-based decentralized exchanges.
The PUMP token trades at a roughly $5.3 billion FDV as of July 14, according to data from CoinMarketCap.
The raise brings Pump.fun’s cumulative capital formation to more than $1 billion, including institutional allocations, making it one of the largest ICOs to date.
Onchain data shows that just over 10,000 wallets participated in the sale, with an average contribution of $44,000. An additional $51.5 million was reportedly raised via centralized exchanges, including Bybit and KuCoin.
Future plans
Pump.fun has also teased plans for a future airdrop but has not disclosed details regarding eligibility or timing.
Rumors circulating on X suggest the distribution could range from $2,000 to as high as $50,000 for top-ranked trader accounts.
The project said 24% of the total token supply is reserved for “community and ecosystem initiatives,” which includes the airdrop and a $120 million incentive program for livestream creators.
Pump.fun confirmed on Thursday it had acquired Kolscan, a real-time wallet tracker popular among onchain traders. The integration will make Kolscan’s leaderboard, copytrading data, and performance metrics available to all users at no cost.
The acquisition coincided with a surge in trading activity for Kolscan’s legacy token, which briefly spiked to a $20 million market cap before retracing.
The platform reportedly plans to distribute 25% of protocol revenue to PUMP holders through a buyback-based rewards model. Pump.fun has generated over $720 million in cumulative revenue since launching in early 2024 and brought in $57 million in the past 30 days, according to DeFiLlama.
Intensifying competition
The sale comes amid intensifying competition in the memecoin sector. Rival launchpad LetsBONK has overtaken Pump.fun in daily token creation and revenue. Meanwhile, overall market cap for the memecoin segment has fallen from $127 billion in December to around $56 billion.
In response, Pump.fun has positioned itself as an “onchain entertainment platform” rather than just a coin generator. “Our plan is to kill Facebook, TikTok, and Twitch. On Solana,” the team posted last week.