INSUBCONTINENT EXCLUSIVE:
Memecoin launch platform Pump.fun raised $500 million in an initial coin offering (ICO) on Saturday, which sold out in about 12 minutes.The
PUMP token has a maximum supply of 1 trillion, and 33% of the supply was allocated to the ICO
24% of the supply was allocated to the ecosystem and future community projects, while 13% was reserved for existing investors, according to
the memecoin platform.Of the 33% ICO allotment, 18% went to institutional investors, and 15% was offered to retail traders
asset classes in 2024.PUMP token distribution
Source: Pump.funThe public token sale also portends the resurgence of initial coin offerings, which fizzled out due to regulatory pressure
in the United States under the reign of former Securities and Exchange Commission (SEC) chairman Gary Gensler.Related: Pump.fun buys Kolscan
in first acquisition, eyes gamified tradingDespite the $500 million raised in the ICO, the crypto community remains divided on the effects
of Pump.fun and memecoins in general, with some celebrating the growth of the platform and others arguing that it is a net negative for the
partner at venture capital firm Dragonfly, said.Mary Bent, founder of Truth for the Commoner (TFTC), responded to Qureshi and said,
It appears they wake up and create, on average, about a dozen tokens an hour until they go to bed, and then do it again every day
Every investment and trading move involves risk, and readers should conduct their own research when making a decision.Magazine: Memecoins
