MemeCoin Platform Pump Fun’s first coin product (ICO) has ended, and its pump tokens are now available for trade in several exchanges.
According to data from Coinmarketcap, owned by Binance, the token was first sold for $0.004 and is now up to around $0.0055.
The first sale, held on July 12th, sold out in just a few minutes.
Interestingly, while ICO requires buyers to go through a Known Customer (KYC) process, an analysis from Blockworks suggests that some wallets have taken part in the sale. Dozens, or hundreds of addresses in at least one case.
Blockworks funded 88888FAOQY6JDSVZ7FK1FPD6QJPTCCMGCS64GBWONLOE to 500 different addresses, highlighting that everyone participated in the sale and purchased a Pump Token worth a total of $200,000.
The analysis also stated that the address had previously participated in other Memecoin sales, including Wukong.
The team behind the token is 1 trillion maximum supplyonly one-third of that amount is available during this ICO.
A fifth of the total supply of tokens is reserved for the team, with an additional 13% being reserved for former investors in pump fun.
Read more: Trader Souling Pump Fun Still Using Platform
The remaining tokens are to be split between:
- Community and Ecosystem Initiatives – 24%
- Live Streaming – 3%
- Ecosystem Fund – 2.4%
- Basics – 2%
- Liquidity and Exchange – 2.6%
The pump is advertised as a “native token” for pump fun, but it is not entirely clear what that means.
One post from X claims that “pumps will grow a fun ecosystem of pumps by encouraging an ecosystem that continues to provide value to the community and helping the platform succeed.”
Read more: David Hirsch closes rumours of Pump.Fun, rumors after sec exit
However, this is quickly warned, but it has been pointed out that “we are thoroughly considering utility mechanisms such as fee rebates, token buybacks, and other incentives and promotions.”
Pump Fun is currently the target of lawsuits from traders who have lost money on the platform.
The platform’s live streaming capabilities are: Threatening people of murderanimal death, firearm wielding, suicide threat.
Read more: Zachxbt says that the plaintiffs of potential pump fun are not real victims
Dylan Kerler, co-founder of Pump Fun, is reportedly behind the former lag pull, Ethereum Cash.
