Pump.fun Launches ICO, Raises $500 Million Within Minutes

Memecoin launch platform Pump.fun raised $500 million in an initial coin offering (ICO) on Saturday, which sold out in about 12 minutes.

The PUMP token has a maximum supply of 1 trillion, and 33% of the supply was allocated to the ICO. 24% of the supply was allocated to the ecosystem and future community projects, while 13% was reserved for existing investors, according to the memecoin platform.

Of the 33% ICO allotment, 18% went to institutional investors, and 15% was offered to retail traders. Pump.fun’s ICO may signal the return of the memecoin…