Solana’s Pumpfun To Raise $1.3 Billion To Rival Meta, TikTok And Twitch

Solana’s Pumpfun has finally announced the details of its much-anticipated initial coin offering (ICO) on July 12. The meme coin launchpad plans to raise just over $1.3 billion, which it will use to launch products to rival Meta, TikTok, and Twitch.

Pumpfun to Raise $1.3 Billion Through PUMP Token Sale

In an X post, the meme coin launchpad announced that it is launching its PUMP token through an ICO on Saturday, July 12, an event it intends to use to raise just over $1.3 billion. The platform declared that the plan is to “kill Facebook, TikTok, and Twitch” on Solana.

This confirms an earlier CoinGape report, which revealed that Pumpfun’s token generation event will take place this Saturday. The platform stated that it plans to replace existing social media platforms with one that gives instead of takes.

The meme coin launchpad said,

Whether you’re a trader, creator, startup founder, or anyone else, Pumpfun will allow you to tap into a global network of instant money & attention.

The platform will raise this $1.3 billion through the sale of 33% of the total supply (1 trillion) of the PUMP tokens. This amounts to 330 billion, which will be available for sale during the ICO event on Saturday. The tokens will sell for $0.004 each, which amounts to $1.32 billion.

Pumpfun has reserved 18% of these tokens for a private sale to institutional investors, while the remaining 15% will be available in a public sale. Both institutional and retail investors will pay the same $0.004 for each token.

There is no vesting period for these ICO tokens, and investors will be able to trade them immediately. Meanwhile, the tokens in the private sale are already sold out.

The public sale will take place on crypto exchanges, including Bybit, Kraken, Bitget, MEXC, Kucoin, and Gate. As CoinGape reported, Bybit had earlier revealed the ICO details, stating that EU investors would not be able to participate.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand.

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