PumpFun Shatters Records: $600M Memecoin ICO Sells Out in Just 12 Minutes

Move over, traditional finance—PumpFun just rewrote the rulebook on capital formation. The memecoin platform's lightning-fast ICO proves crypto's appetite for speed (and maybe a little absurdity) is stronger than ever.

How It Went Down

Twelve minutes. That's all it took for PumpFun to vacuum up $600 million from investors chasing the next viral token. The platform—already a hub for speculative meme assets—just orchestrated one of the fastest fundraises in crypto history.

Wall Street's Got Trust Issues

While bankers still require 6-month roadshows to raise half as much, PumpFun's feat highlights crypto's brutal efficiency. Of course, whether those funds get deployed into actual utility—or just more dog-themed tokens—remains to be seen. Welcome to 2025's capital markets: where memes move faster than SEC filings.

All about the PUMP token

The platform describes the PUMP token as a “utility coin that will be used alongside the pump.fun brand behind the Pump.Fun Protocols.”

Holders of the PUMP token can choose to participate in promotional giveaways. Pump.fun, however, clarifies that its protocols will remain permissionless and will not require the use of PUMP tokens.

The PUMP token’s maximum supply is capped at 1 trillion, of which 33% or 330 billion tokens are allocated to the ICO. Of the 33%, 18% or 180 billion tokens were sold to institutional investors in a private sale, the platform said in an X post. The remaining 15% was sold to retain investors during today’s ICO.

It is worth noting that data Pump.fun shows that only 12.5% of the token supply was sold for a total of $500 million. However, Pump.fun co-founder Alon Cohen told Bloomberg that all 15% of PUMP’s supply was sold in today’s ICO as per previously announced plans.

Community reaction

Despite the undeniable success of Pump.fun’s ICO, the crypto community is divided over its merits. This is especially in light of Pump.fun facing growing competition from LetsBONK and a decline in revenue. LetsBONK, a Solana-based memecoin launchpad, has clocked more volume than Pump.fun over the past week, according to Dune Analytics data.

Noting that he is not an investor, Haseeb Qureshi, managing partner at venture capital firm Dragonfly, noted:

“$PUMP is going to be getting 25% of Pump revenues, so beyond one of the largest ICOs ever, this will be one of the highest gross revenue tokens in crypto.”

Others, however, are less thrilled about the ICO. For instance, Jeremie Henicz, head of XBorg AI, asked if he’s the only one who finds it “cringe,” while responding to Qureshi. Similarly, Marty Bent, founder of Truth for the Commoner (TFTC), stated:

“Pump.fun and those supporting it (even if at arm’s length) are Pied Pipers leading Gen Z to ruin.”

Even before the ICO, many have criticized the platform’s tokenomics. Crypto researcher Rex, for instance, called the platform’s tokenomics exploitative, with nearly 40% tokens allocated to Pump.fun itself.