MegaETH Token Sale Draws $285M in Two Hours, Valuation Hits $999M FDV
MegaETH's $MEGA token public sale sold out within minutes, amassing $306 million in commitments—six times its $49.95 million target. The auction, structured as an English-style sale, opened to retail participants and priced the token at $0.0999, implying a $999 million fully diluted valuation.
Over 5,000 participants engaged, with 819 wallets committing the maximum $186,282 USDT each. The event prioritized long-term user engagement over institutional bids, echoing MegaETH's previous oversubscribed raise on Cobie's Echo platform.
The 'real-time blockchain' project continues gaining traction for its stablecoin-based fee model, which eliminates traditional gas fees. On-chain data from Arkham revealed $285 million flowed into the sale address within just two hours of launch.
