Will Solana token launchpad Pump.fun drop its own token? According to a major crypto exchange, the platform is planning to do so later this week—though the page detailing the potentially $600 million sale has since been pulled.
According to a page on crypto exchange Gate that was apparently removed following substantial social media attention, Pump.fun is gearing up to offer its PUMP token for sale starting July 12.
Per the now-deleted page, Pump.fun and Gate will offer 150 billion PUMP in a public sale. The sale will offer 15% of the total supply, with PUMP priced at $0.004 per token. With a total supply of 1 trillion tokens, that prices PUMP at a fully diluted valuation (FDV) of $4 billion.
Representatives for Pump.fun and Gate did not immediately respond to Decrypt’s request for comment.
Further details of the sale from Gate indicate that it can remain open for up to 72 hours, but the 150 billion tokens—valued at $600 million—will be sold on a first-come, first-served basis.
Additionally, the sale’s FAQ suggests that purchasers will not be subject to an upper limit of PUMP tokens, but instead will only have a minimum required purchase.
“For individual subscriptions, as long as the quota is sufficient, only a minimum purchase amount is required and there is no upper limit,” the now-deleted FAQ reads.
A Pump.fun token has long been rumored, but in April, the protocol’s co-founder Alon Cohen told followers not to expect a token from himself, the launchpad, or its employees.
The meme coin and token launchpad is considered to be one of the most successful crypto apps of all time, yielding millions of user-created tokens and driving hundreds of millions of dollars’ worth of protocol revenue.
Popular meme coins like Fartcoin (FARTCOIN) and Peanut the Squirrel (PNUT) were created on Pump.fun, with other once-buzzy tokens like Moo Deng and Chill Guy created via the platform, as well. Pump.fun users are eager for a potential airdrop that could reward early supporters with tokens.
Pump.fun has recently started facing renewed competition from BONK’s meme coin launchpad, LetsBonk, which flipped Pump.fun in tokens created for the first time on Monday.
