A public sale of the new PUMP token, which runs on the Solana blockchain, just wrapped up. It gained major traction from investors, including a single whale who put in $1 million. This latest sale, conducted with the help of meme coin launch platform Pump.fun, sold out within a staggering $600 million in 12 minutes. As many know, this event marked the demand of meme coins and the opportunities for growth within the cryptocurrency market.
The public sale of the PUMP token provided 12.5% of the total supply of tokens. The reason was that the sale was oversubscribed, in large part due to an API delay suffered by the largest centralized exchange at the time.
Specifically, 179 investors purchased $1 million or more worth of PUMP tokens, and 664 investors bought in at $100,000 or above. Market speculation on the token after trading activities exploded, with prices reaching as high as $0.007 and settling down shortly after the sale.
The platform reiterated that the tokens should not be traded immediately. For ICO participants you’ll need to wait 48-72 hours after the public sale closes. Historically, layer-one wins have triggered massive market transitions. This event specifically increased valuations and demand for assets integrated with Solana. Meanwhile, Solana has been making serious plays to cement its place as the meme coin domain’s main blockchain.
Market analysts point out a smart move for ICO players. Since the pre-market is in USD and they go short on it, they can make a 40% profit when they close their positions after receiving the token. Pump.fun was a key partner in making the PUMP token sale fun and successful. This accomplishment emphasizes its far superior standing in the competitive meme coin launch ecosystem.
