#لاتنسى_الصلاة_على_النبي #pump
Pump.fun, the popular memecoin launch platform based on Solana, has completed the initial coin offering (ICO) for the PUMP token.
The massive success of the initial coin offering (ICO) comes amidst criticisms 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 via the initial coin offering (ICO) at a price of $0.004, the successful sale means that Pump.fun raised $600 million through the public sale. Pump.fun has also confirmed the sale's completion, stating that it took place within 12 minutes and praised its participation.
She said:
The $PUMP auction has ended. We are pleased to announce that all auction tickets were sold in just 12 minutes. We thank all our community members for their participation!
With the sale concluded, the protocol stated that the distribution phase will begin within 48-72 hours. According to the protocol's plan, the token will not become tradable until after the distribution phase ends.
Interestingly, the Information Commissioner’s Office (ICO) did not allow residents of the United States and the United Kingdom to participate, applying KYC measures to prevent residents of those countries from taking part. However, the restrictions did not affect interest in the PUMP project, as demand outstripped supply.
Pump.fun warns users about counterfeit tokens.
In the meantime, the protocol warned users about dealing with counterfeit tokens that may have similar names. It noted that the official contract address for the PUMP token is pumpCmXqMfrsAkQ5r49WcJnRayYRqmXz6ae8H7H9Dfn.
She said:
Do not trust any other tokens. The token $PUMP is not tradable or transferable yet. This is the only official $PUMP contract address.
This warning is not surprising, given the prevalence of malicious actors exploiting major token events like this to deceive users via phishing links or even by listing counterfeit tokens. Several tokens with similar names have already appeared, as Dexscreener data shows that the PUMP token is trending on PumpSwap.
Concerns and criticisms regarding Pump.fun continue.
Despite the initial coin offering (ICO) being a great success by all measures, the feedback on it has been mixed. For Pump.fun enthusiasts, this event demonstrates 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 scheme. They claim this shows that users who lost millions due to meme coins launched by the Pump.fun platform have learned nothing, and it will allow the platform to make more money from them.
Even before the initial coin offering (ICO), there were already concerns about the PUMP token, with many pointing out that its tokenomics is not suitable for the average user. With a trillion offered, 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.
However, many will wait to see the long-term performance of the PUMP token. Pump.fun announced its plan to replace all social media platforms based on the chain, allowing everyone to connect to a global network via its platform. It confirmed that the PUMP token is essential for achieving this plan.
The market already prices the token more than 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 price is now $0.00621 after a 15% increase.
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