Author: Fairy, ChainCatcher
Editor: TB, ChainCatcher
Pump.fun public sale is undoubtedly a hot topic in the recent crypto scene.
After three delays, it successfully chose the opportune moment to launch its token when Bitcoin broke new highs. In just 12 minutes, it raised $500 million, achieving a valuation of $4 billion, making it the third largest ICO in history.
Amidst the hype, doubts have followed closely, and the drama surrounding Pump.fun has been captivating. The upcoming launch will truly unveil the beginning of this tug-of-war.
The Token Launch Journey of Pump.fun: Chaos, Controversy, and Criticism
The token launch journey of Pump.fun has been marked by chaos, controversy, and criticism from the initial rumors of the token issuance to the public offering.
Its co-founder Alon Cohen has publicly denied multiple times that they would issue a token. In April this year, he even "debunked" on social media: "Don't expect me, Pump.fun, or any employees to issue a token." Ironically, Alon once stated, "The only benefit of a presale is that the money goes directly into your pocket. Every presale is a scam."
Now, as he initiates a presale himself, every word has become a "slap-in-the-face quote."
Image source: AB Kuai.Dong
The rhythm of the sale has also been quite dramatic, with three delays, each hitting the emotional pulse. According to crypto KOLs, the first delay occurred on January 25, followed by a drop of over 18% in SOL within the next week; the second delay was on February 15, after which SOL saw a maximum drop of 52%; the third delay fell on June 20, coinciding with an escalation in the Middle East situation.
On July 7, Gate briefly launched the token sale page for Pump.fun before quickly taking it down, sparking a lot of speculation. On July 9, Pump.fun officially announced the public sale. Since then, more waves of controversy have surged.
As the public sale information was disclosed, market skepticism erupted:
With a valuation of $4 billion, it was questioned whether the project and market fundamentals could support such a valuation;
The public sale prohibited participation from users in the U.S. and U.K., being mocked as an "Asia-customized presale";
The team's past behavior of continuously selling SOL for cash raised high doubts about whether they would "support the market," speculating that the team would take the opportunity to "exit liquidity."
On the day of the sale, chaos ensued. Users who successfully participated through the official website completed their subscriptions smoothly, while most users who rushed to buy through CEX were left empty-handed, leading to widespread complaints. Thus, this already controversial PUMP public sale added layers of skepticism regarding the technical stability and public relations capabilities of CEX.
Here is the situation of various channels for participating in the token sale compiled by crypto KOL Yuyue:
Crypto KOL AB Kuai.Dong revealed that multiple sources indicated that Pump fun had "pigeonholed" the fundraising from exchanges, leading to failures across six exchanges. Additionally, Pump.fun had previously promised to allocate 15% of the token supply for presale, but the actual sale amount was quietly cut by 2.5%, with no explanation from the project team.
Pump.fun ICO Performance
In this sale, 89.7% of purchases were made through the official website, while only 10.3% were made through CEX. There were 10,145 successful buyers on the website. Here is the scale of purchases by website buyers:
Image source: Dune
The majority of users who subscribed for less than $1,000 numbered 5,758. However, the concentration of funds was extremely high, with the top 340 addresses buying over $300 million, accounting for 60%, with an average investment of about $44,000.
Community user @splinter0n monitored data showing that only 2 people participated in the presale on Kraken, 15 on Gate, and 120 on Kucoin. Although these data are difficult to fully verify, they reflect the embarrassing situation where almost all users on exchanges were "wiped out."
Currently, the six CEXs participating in the PUMP public sale have all received token distributions: Kraken received 7.5 billion tokens, Bitget received 7.5 billion, Gate received 6.4 billion, Bybit received 5 billion, MEXC received 5 billion, and Kucoin received 4.1 billion.
Additionally, on-chain analyst Ai Yi pointed out that Wintermute may be one of the market makers for PUMP. Yesterday, the Pump.fun project team transferred 10 PUMP tokens to multiple addresses for small-scale testing, including addresses previously belonging to Wintermute, and more tokens are expected to flow to market maker addresses in the next couple of days.
In the Lead-Up to the Launch, Market Speculation Intensifies
The Gate page shows that $PUMP will open for trading tonight at 12 o'clock. The pre-market price has reached $0.0062, and the market has entered a highly speculative phase.
Community user @jain_web3 provided an interpretation: Sold out in 12 minutes, creating a strong sense of scarcity. Last night, a large number of users took short positions for hedging, and as the shorts were squeezed, it would benefit high pricing at the opening. He further predicted that the next step might be a high opening, with presale users selling at high prices, and many users who missed out would buy in at high prices due to the scarcity effect and high FOMO, with a dense trading area possibly far exceeding $0.004.
Crypto KOL @sky_gpt believes this is a familiar script: "High opening, rapid rise, quick sell-off, and a continuous decline, trapping those who are 'itching to buy' for a second harvest."
On the on-chain prediction platform Polymarket, the question of "What will the FDV of Pump.fun tokens be one day after launch?" has also become a hot betting topic. Most users predict that its FDV will be above $4 billion and below $8 billion, reflecting a high divergence in the market between enthusiasm and risk.
Pump.fun has pushed the contradictions and FOMO emotions of the crypto market to the extreme with a noisy presale. Tonight, all speculations, controversies, and chips will converge, and the market will ultimately reveal the true direction of this competition.
Recommended Reading:
Last-minute account suspension,Pump.fun ’s $1 billion ICO dream is hanging in the balance?
Raydium and Pump.fun are doing imitation projects, can there be a winner after the "breakup"?
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