🎉 [Gate 30 Million Milestone] Share Your Gate Moment & Win Exclusive Gifts!
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Pump. Fun issue coin is imminent! Total supply is 1 trillion, with a fundraising target of over $1.3 billion.
Introduction: Pump.fun, which once ignited the frenzy of Solana memecoins, announced the launch of an over $1.3 billion target ICO, aiming to create an "anti-traditional" social platform. However, the market raises doubts as it faces dual challenges from the strong competitor LetsBonk.
🔥 Pump. fun officially announces ICO: target financing exceeds 1 billion USD, aiming at social giants.
After weeks of speculation about airdrops or public sales, Pump.fun officially announced its ICO plan on July 9 (Wednesday). The platform boasts on X: "Our plan is to kill Facebook, TikTok, and Twitch on Solana." Pump.fun has accumulated over $780 million in fee revenue, and this ICO marks the strong return of the token sale model, which had gradually quieted after the peak in 2017/2018 (with around 2000 projects raising over $13 billion), to the 2025 crypto market.
📅 IC0 Details: Sale starts on July 12, limited to investors from the UK and US.
Pump.fun elaborates on its vision: "We are building Pump.fun, aiming to replace existing social platforms with a 'give rather than take' platform."
This time, six major exchanges including Gate have opened participation channels simultaneously, and users need to complete platform KYC. After the public sale ends, ICO participants will receive tokens, initially in a non-transferable state (i.e., not tradable), and the transfer rights for the tokens will be enabled 48-72 hours after the ICO ends.
According to the PUMP tokenomics, the specific distribution plan is as follows:
33% will be sold through the Initial Coin Offering (ICO), of which 18% is for private placement to institutional investors, and 15% for public offering. The terms for private and public offerings are completely identical, with each coin priced at $0.004. All coins sold in the ICO will be fully unlocked on the first day of trading.
24% reserved for community and ecosystem programs;
20% allocated to the project team;
2.4% for the ecological fund;
2% allocated to the foundation;
13% allocated to existing investors;
3% for live broadcasting related incentives:
2.6% for liquidity and trading platform.
❓ Market Question: Is it innovation disruption or "Pump and Dump"?
However, many people do not buy into the narrative of Pump. fun. Critics point out that the platform "takes far more than it gives," turning low-quality memecoins into fee-generating machines, while investors often end up holding rug pull tokens. Crypto KOL Adam Cochran bluntly stated on X: "Remember that after Pump comes Dump."
📉 The memecoin craze is retreating, and Pump.fun is facing dual pressures.
As Pump.fun launches its ICO, it coincides with a downturn in the once-crazy memecoin gold rush. The total market cap of this sector has plummeted from a peak of $127 billion in December 2023 to the current approximately $56 billion, a halving. This decline is accompanied by increasing controversy over failed MEME coins and their mass production platforms (such as Pump.fun).
What adds insult to injury is that Pump. fun's halo has been taken away by the new rising competitor LetsBonk in recent weeks. According to the Dune data dashboard by crypto analyst Adam_Tehc, LetsBonk has now become an emerging giant in the field, with the daily number of tokens launched reaching twice that of Pump. fun.
🚀 Strong competitor: LetsBonk rises with the "buyback empowerment" model
The rise of LetsBonk is partly attributed to its unique "feedback" model. The platform allocates 50% of its fee revenue to repurchasing the leading memecoin Bonk in the Solana ecosystem (with a market cap of about 1.5 billion USD). According to data from its official website, LetsBonk has spent over 7 million USD worth of SOL to purchase Bonk. This strategy of directly injecting platform profits into core ecological assets has earned it community support and formed a powerful growth flywheel.
Faced with the strong pressure from competitors and the complaints from users after being repeatedly harvested, how will the public sale of the Pump. fun token perform? Let’s wait and see.