Pump.fun to Launch $PUMP Token, Eyes Social Media Disruption

• $PUMP will be fully unlocked and tradable from day one.
• 33% of the total supply is allocated for public and private ICO sales.

Pump.fun has announced the launch of its native token, $PUMP, through an Initial Coin Offering (ICO) on Saturday, July 12. The project aims to compete with Facebook, TikTok, and Twitch by building a new social platform on Solana. 

Since its January 2024 launch, Pump.fun has reported rapid revenue growth and claims to be the fastest-growing company in history. The upcoming ICO includes a total supply of 1 trillion tokens, with airdrops and ecosystem expansion initiatives to follow.

Rapid Growth and Platform Vision

According to Pump. Fun’s official posts state that the platform is for anyone, anywhere, to build and trade tokens. Since launch, they’ve reached $100m, $300m, and $500m in revenue faster than any other company. In the long term, they want to build a decentralized social network that gives users monetary and attention-based incentives.

Pump.fun said the platform will serve creators, traders, and founders by giving global access to digital tools and liquidity. In a series of tweets, they said they want to replace traditional social media models with a protocol that gives value back to the users. The native token $PUMP will be at the center of this by powering the ecosystem and incentivizing activity.

ICO Details and Tokenomics

Pump.fun confirmed that the $PUMP ICO will offer 33% of the total supply, 330 billion tokens. 18% has already been sold in a private round to institutional buyers at the same terms as the public sale. The public sale will distribute 15% of the ICO allocation at $0.004 per token.

All tokens sold in private and public sales will be fully unlocked and tradable on day one. The remaining 67% of the token supply will be allocated to 24% community and ecosystem initiatives, 20% team, 13% existing investors, and smaller percentages to foundation, ecosystem fund, liquidity, exchanges, and live streaming.

Ecosystem Goals and Token Utility

Pump.fun described the $PUMP token as a critical tool for scaling its platform and rewarding participation. The team stated that the $PUMP distribution would drive community initiatives, creator incentives, and liquidity support. The platform also announced an upcoming airdrop, though further details were not disclosed.

The company framed this move as the next phase of its mission to transition from a token launchpad to a full-fledged Web3 social network. The token launch is expected to expand user engagement and deepen involvement across the Solana ecosystem.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.