Pump.fun, a meme coin launchpad on the Solana blockchain, has achieved a major milestone by completing its public token sale in just 12 minutes, raising $500 million.

This record-breaking event was confirmed in a July 12 post on X, where the team thanked its community and announced that the token is now entering its distribution phase.

The token sale saw 12.5% of the total 1 trillion PUMP token supply sold at a fixed price of $0.004.

While the sale was conducted across multiple exchanges, it was not available to participants in the US or the UK.

“The tokens will initially be untradable & untransferrable whilst the distribution phase is carried out. once the distribution phase is complete, the tokens will become tradable & transferable – an announcement will be made upon completion,” the project team stated.

Despite these restrictions, the demand for the tokens was overwhelming, with significant interest from large crypto investors.

On-chain data from blockchain analysis platform Lookonchain revealed that prominent crypto whales quickly joined the sale.

One such investor, identified by the handle “ff.sol,” had previously seen significant gains, turning a $1.19 million bet on TRUMP meme coin into a peak value of $438 million.

This investor moved 1 million USDC into a new wallet to join the PUMP presale.

Meanwhile, early indications show that the token’s value has seen a positive market reaction following.

The PUMP token has seen a positive market reaction following the sale.

The latest data shows PUMP trading at $0.005609 on the Hyperliquid platform, a 40% increase from its initial sale price.

Additionally, trading volume has surged, exceeding $443 million, with open interest standing at $317 million.

Meanwhile, Pump.fun’s success extends beyond the token sale with the first acquisition of Kolscan, a wallet-tracking analytics platform.

The financial terms of the acquisition were not disclosed

This strategic acquisition will enhance Pump.fun’s social trading tools by providing in-depth insights into real-time transactions, profit and loss trends, and wallet activity of leading traders.

Alon Cohen, co-founder of Pump.fun, emphasized that this acquisition will improve the reliability and speed of trade data.

It will also ensure that leaderboard rankings reflect actual trading activity instead of merely influencer-based metrics.

The post Pump.Fun Token Sold Out In 12 minutes as Whales Flood Solana Launchpad appeared first on BeInCrypto.

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