Token Pump.Fun Sold Out in 12 Minutes as Whales Pile on Solana Launchpad

Pump.fun, a platform launching meme coins on the Solana blockchain, has reached a significant milestone by completing its public token sale in just 12 minutes, raising 500 million USD.

This record-breaking event was confirmed in a post on July 12 on X, where the team thanked the community and announced that the token is now entering the distribution phase.

Pump.Fun Token Increases 40% After Presale

The token sale sold 12.5% of the total 1 trillion PUMP tokens at a fixed price of 0.004 USD.

Although the sale was conducted on multiple exchanges, it was not available to participants in the US or UK.

"The initial tokens will not be tradable or transferable while the distribution phase is ongoing. When the distribution phase is complete, the tokens will be tradable and transferable – an announcement will be made upon completion," the project team stated.

Despite these restrictions, the demand for the token remains high, with significant interest from major cryptocurrency investors.

On-chain data from blockchain analysis platform Lookonchain revealed that prominent crypto whales quickly joined the sale.

One such investor, identified as "ff.sol," previously made significant profits, turning a 1.19 million USD investment in the TRUMP meme coin into a peak value of 438 million USD.

This investor transferred 1 million USDC to a new wallet to participate in the PUMP presale.

Meanwhile, initial indicators show the token's value had a positive market reaction afterward.

The PUMP token had a positive market reaction after the sale.

The latest data shows PUMP trading at 0.005609 USD on the Hyperliquid platform, increasing 40% from its initial sale price.

Additionally, trading volume has surged, exceeding 443 million USD, with open interest reaching 317 million USD.

Meanwhile, Pump.fun's success is not limited to the token sale but also includes the acquisition of Kolscan, a wallet tracking analysis platform.

The financial terms of the acquisition were not disclosed.

This strategic acquisition will enhance Pump.fun's social trading tool by providing insights into real-time transactions, profit and loss trends, and wallet activities of top traders.

Alon Cohen, co-founder of Pump.fun, emphasized that the acquisition will improve the reliability and speed of trading data.

It will also ensure that rankings reflect actual trading activity rather than relying solely on influencer metrics.