The pump.fun platform, which focuses on launching meme coins on the Solana blockchain, held a public sale for the PUMP token on July 12. In a record time of less than 12 minutes, $600 million was raised, although the organizers had planned to conduct the offering over 72 hours. The demand for the token exceeded $2 billion, indicating a high level of interest from investors and market participants.
This is reported by Finway
Demand for PUMP Significantly Exceeded Supply
A total of 15% of the total token supply was made available for sale — that is 150 billion PUMP out of a maximum issuance of 1 trillion. The price of one token was set at $0.004, which equates to a valuation of the entire project at $4 billion. As noted by co-founder Alon Cohen, the entire public pool was sold out, and the total amount raised reached $600 million.
“The token will be fully functional at launch, but we are carefully considering additional utility mechanisms — such as discounts on fees, token buybacks, or other incentives,” the crypto project team stated ahead of the sale.
According to Zahir Abtikar, founder of the crypto fund Split Capital, the actual demand for the token could have reached over $2 billion. He noted that $500 million was bought through on-chain transactions, while another $500 million to $1.5 billion did not make it to distribution through exchanges; additionally, another $300 million in demand went unmet even through on-chain methods.
Technical Difficulties and Compensation for Participants
The launch partner, exchange Bybit, explained that due to an API delay, there was an oversubscription: the number of people wanting to purchase tokens significantly exceeded their availability in the public pool. Some users were unable to receive tokens, even though they successfully registered requests — they were promised a full refund. The cryptocurrency exchange Kraken, in turn, announced a free airdrop for those users who could not complete their purchases due to technical limitations. According to Kraken co-head Arjun Sethi, all affected users were identified, and tokens will be credited automatically after the coin’s launch.
“Events like this demonstrate the importance of access, speed, and reliability. We continue to invest in all three aspects,” Sethi noted.
The pump.fun team explicitly stated that they plan to use the raised funds for an ambitious goal — “to take down Facebook, TikTok, and Twitch… on Solana.” Since its launch, the platform has generated around $800 million in revenue and has become one of the key drivers of growth in the meme coin segment within the Solana ecosystem.
It is worth noting that back in April 2025, Alon Cohen claimed that pump.fun did not plan to launch its own token. However, the company later revised its decision, and the PUMP offering became one of the most talked-about events in the cryptocurrency market this summer.
Previously, the token sale was postponed from June to July due to legal risks, and information about the sale’s start on the Gate.io exchange was released prematurely and was quickly removed.