#لاتنسى_الصلاة_على_النبي #pump
Pump.fun, the popular memecoin launch platform based on Solana, has completed the initial coin offering for the PUMP token (ICO).
The immense success of the initial coin offering (ICO) comes amid criticism of the Pump.fun platform and early concerns about the pre-sale process. The protocol announced this a few days ago, indicating that the initial coin offering would start on July 12 and end on July 15, or until the available tokens run out.
With 150 billion PUMP tokens available, representing 15% of the total PUMP supply for sale through the initial coin offering (ICO) at a price of $0.004, the success of the sale means that Pump.fun raised $600 million through the public sale. Pump.fun also confirmed the end of the sale, noting that it was completed within 12 minutes, and praised its participation.
She said:
The $PUMP public auction has ended. We are pleased to announce that all auction tickets were sold in just 12 minutes. We thank all members of our community for their participation!
With the sale process completed, the protocol stated that the distribution phase would begin within 48-72 hours. According to the protocol's plan, the token will only become tradable after the distribution phase is over.
Interestingly, the Information Commissioner’s Office (ICO) did not allow residents of the United States and the United Kingdom to participate, implementing Know Your Customer (KYC) procedures to prevent residents of those countries from participating. However, the restrictions did not affect interest in the PUMP project, as demand exceeded supply.
Pump.fun warns users about counterfeit tokens
Meanwhile, the protocol warned users against dealing with counterfeit tokens that may bear similar names. It pointed out that the official PUMP token contract address is pumpCmXqMfrsAkQ5r49WcJnRayYRqmXz6ae8H7H9Dfn.
She said:
Do not trust any other tokens. The token $PUMP is non-tradable or transferable at this time. This is the only official $PUMP contract address.
This warning is not surprising, given the numerous exploits by malicious actors of major token events like this to deceive users through phishing links or even by listing counterfeit tokens. Several tokens with similar names have already appeared, with Dexscreener data showing that the PUMP token is trending on PumpSwap.
Concerns and criticisms regarding Pump.fun continue
Despite the initial coin offering (ICO) being a major success by all metrics, reactions to it have been mixed. For Pump.fun enthusiasts, this event proves the resilience of the protocol, its strong community, and its immense liquidity in the cryptocurrency sector.
However, critics believe it is just another mass extraction process. They argue that this shows users who lost millions of dollars due to meme coins launched by the Pump.fun platform have learned nothing, and it will allow the platform to profit more from them.
Even before the initial coin offering (ICO), there were already concerns about the PUMP token, with many pointing out that its tokenomics do not suit the average user. With a trillion tokens, only 15% of it is allocated for public sale, many believe that venture capital firms invested in Pump.fun, and the protocol team will be the biggest beneficiaries.
Nevertheless, many will wait to see the performance of the PUMP token in the long term. Pump.fun announced its plan to replace all existing social media platforms based on the chain by allowing everyone to connect to a global network through its platform. It confirmed that the PUMP token is essential to achieving this plan.
The market is already pricing the token over 60% above the initial coin offering (ICO) price on the decentralized derivatives platform Hyperliquid. The platform launched the perpetual PUMP/USD pair a few days ago, and its current price is $0.00621 after a 15% increase.
#لا_إله_إلا_أنت_سبحانك_اني_كنت_من_الظالمين
#استغفر_الله_العظيم_وأتوب_إليه
