Pump.fun raises $500 million in 12 minutes as PUMP tokens fully sell out

Memecoin launchpad Pump.fun raised $500 million through its token sale to the public in just 12 minutes, selling out of its supply in a much shorter time frame than the 72 hours the platform had allotted to the sale.

Pump.fun offered 12.5% of the total supply of 1 trillion $PUMP tokens at a price of $0.004 per token. The sale, which was conducted across multiple exchanges and available to users who completed know-your-consumer (KYC) checks, raised money for the platform's stated goal to "Kill Facebook, TikTok, and Twitch...On Solana."

"[W]hile the token will be fully functional at launch, we’re giving thorough consideration to utility mechanisms like fee rebates, token buybacks, or other incentives and promotions," the Pump.fun team said on X in advance of the token sale. The Block previously reported that the platform is considering sharing protocol revenue with token holders.

33% of the $PUMP token's supply was allocated to its initial coin offering; of that 33%, 18% has been fully allocated to buyers in a private sale, according to the platform. Though 15% was thus set aside for a public sale, only 12.5% of the tokens were listed as part of the public sale on Saturday, according to the token sale website.

The token sale comes as Pump.fun faces rising competition from LetsBONK, a rival Solana-based memecoin launchpad that supports the $BONK memecoin ecosystem. LetsBONK has processed more in volume than Pump.fun over the past seven days, according to a Dune dashboard.