Hassan Maishera
TL;DR
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Solana-based memecoing launchpad Pump.fun is set to raise $1 billion via token sale.
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According to Blockworks’ report, Pump.fun will offer its tokens to public and private investors.
Pump.fun to Raise $1 Billion Via Token Sale
Pump.fun, a leading Solana memecoin generator, is set to raise $1 billion via a token sale at a $4 billion valuation. This is according to a Blockworks report on Tuesday.
The report added that the token will be offered to public and private investors, but it remains unclear when or where the token launch will take place. Pump.fun was launched roughly a year ago and has become very crucial to the memecoin ecosystem. The launchpad allows anyone to quickly and easily deploy a token.
The platform is responsible for a large percentage of the memecoin launching and trading on the Solana blockchain, driving massive revenue to the network. Pump.fun’s daily revenue reached an all-time high of over $7 million on January 23 but has declined to below $1 million since then.
Previously, tokens launched on Pump.fun migrate to the decentralized trading platform Raydium once their market cap hits $69,000. However, Pump.fun launched its automated market maker, called PumpSwap, to redirect tokens. Raydium also went ahead to launch its memecoin generator, LaunchLab, in a bid to compete with Pump.fun.
