Over the weekend, Pump.fun—a Solana‑based platform that simplifies memecoin creation and launch—pulled off one of the largest token sales in crypto history. In a staggering daylight display of speculative demand, Pump.fun sold out a public tranche of 150 billion PUMP tokens in just 12 minutes, raising a remarkable $600 million. The event signals a renewed appetite for memecoins and marks a revival of the Initial Coin Offering (ICO) model, which had been mostly dormant since its late‑2017 peak.

A Lightning-Fast Token Sale

Pump.fun declared on July 9 via X (formerly Twitter) that it would sell 150 billion tokens for $0.004 each during the public sale, following a private round of 180 billion tokens at the same price. Public demand surged, culminating in a complete sell‑out in just 12 minutes on July 12.

Despite this frenzied pace, the entire distribution window remained available for 72 hours—with participation on several major exchanges like Bybit, KuCoin, Kraken, Bitget, Gate, and MEXC, until either the allocation sold out or the deadline passed. Buyers in the U.S., U.K., and certain E.U. territories were excluded to sidestep regulatory complications.

Combined, the public and private sales brought the total raise to $1.32 billion, according to co‑founder Alon Cohen.

Memecoins and the Revival of ICOs

This record-breaking sale marks the resurgence of ICOs, a once-popular model for token fundraising that collapsed after regulatory scrutiny and major scams in 2018. Now, buoyed by Bitcoin nearing all‑time highs, investors appear drawn once again to hyper‑speculative bets .

Zaheer Ebtikar of Split Capital aptly described the sentiment shift:

“You go from max fear to max FOMO very quickly” .

Rather than deter interest in memecoins, the spectacle of Pump.fun’s sale amplified excitement across Solana and beyond, sparking fresh inflows into the memecoin ecosystem.

Regulatory Considerations and Exclusions

Operating under the evolving regulatory landscape, Pump.fun deliberately barred participants from the U.S., U.K., and parts of the E.U., reflecting cautious compliance amid heightened scrutiny.

This exclusion mirrored earlier moves, such as a temporary ban on U.K. participants following the FCA’s warning in late 2024. It suggests Pump.fun seeks to sidestep regulatory friction while riding the wave of market enthusiasm .

Exchange Listing Drama

Pump.fun’s public sale was a coordinated cross‑exchange effort led by Bybit, soon joined by KuCoin, Kraken, Bitget, Gate.io, and MEXC. However, Gate.io briefly pulled its listing just days before launch, citing “negotiations” with the platform and leaving participants in suspense. Nonetheless, Gate later confirmed that Bybit would spearhead the offering, and other exchanges moved ahead as planned.

Unlocking Tokens and Market Launch

Pump.fun expects to unlock and distribute the sold tokens within 48–72 hours, with trading likely to begin soon after. Pre‑trading hype propelled activity on Solana, as subscription funds flowed ahead of public trading .

Platform Growth and Revenue

Since launching in January 2024, Pump.fun has earned acclaim as a leading Solana memecoin launchpad, enabling creators to launch tokens without coding. By early 2025, it facilitated over six million coin creations, becoming a key engine in Solana’s memecoin wave.

Through a 1 % swap fee on trades and listing revenue, Pump.fun earned approximately $60 million in the first half of 2024. In 2025, it reportedly surpassed $700 million in total revenue. That track record underlies the platform’s ability to attract such a blockbuster token sale.

Market Response and Criticism

Not everyone celebrated the success. Some industry observers criticized the optics of Pump.fun consolidating so much capital. Bloomberg reported that research director Steven Zheng called the move “bad optics,” arguing users expected a large airdrop—not a massive token sale—after early faucet distributions.

Security incidents have stoked concern. In May, Wired reported miscreants launched a fake WIRED memecoin via Pump.fun after compromising a journalist’s X account, enabling a classic pump‑and‑dump scam. Meanwhile, a class action lawsuit filed in New York accused Pump.fun of allegedly functioning like an unregistered securities exchange—citing coupons such as PNUT—to enable pump‑and‑dump schemes.

Fully Diluted Valuation and Tokenomics

The public sale, representing 15 % of PUMP’s 1 trillion‑token supply, implied a $4 billion fully diluted valuation. Overall, 33 % of tokens were allocated to public and private sales, while remaining funds catered to team allocation, ecosystem growth, liquidity, and community incentives .

What Comes Next

Following the token unlock, market watchers anticipate significant volatility in initial trading. Past memecoin launches—like Bonk—have seen explosive early moves. At the same time, rising competition—particularly from platforms like LetsBONK—could challenge Pump.fun’s dominance.

Pump.fun plans an upcoming airdrop, though specifics remain vague. The team also aims to position the token as a vehicle to “kill legacy media” and support community-led content—though details on implementation are so far light.

Conclusion

Pump.fun’s crackdown token sale rings loud and clear: the memecoin boom is far from dead, and ICO-style fundraising remains very much alive. Its success highlights investor hunger for high-risk, high-reward projects—especially on chain ecosystems like Solana.

Yet navigating this landscape demands caution. Regulatory pressures, structural lawsuits, and past misuse via hacked promotional campaigns remind stakeholders of inherent vulnerabilities. The fallout from this event will likely influence how developers, regulators, and investors approach future memecoin launches.

Moving forward, key watchpoints include:

• Token listing performance and resulting price volatility

• Ongoing legal developments, especially class-action suits

• Regulatory responses, particularly from U.S. authorities

• Impact on Solana ecosystem—whether it fuels further innovation or escalates systemic risk

At a time when the crypto world oscillates between speculation and scrutiny, Pump.fun’s $600 million dash puts both forces firmly in the spotlight.