The platform, which is based on the solana blockchain, is still in the early stages of the token offering, according to a person family with the plans who is asked not to be named Discussing PRIVATEMANY Inform Bloomberg news reported tuesday. Alon cohen, co-founder of pump.fun, didn’T respond to requests for comment.
While Details of the Sale Are Not Clear, The Offering Bold Rank Among The Larget Ever in Crypto. The Last Major Token Sale was the January Debut of the Trump Memecoin, which instantly generated billions of dollars in trading volume within a less days. The broader memecoin sector is a drop in trading when the trump token was launched, as speech other Crypto Assets to Buy President Donald Trump’s Officy token.
Pump.fun “Could be a drain on liquidity,” said Ryan Watkins, Co-Founder of Crypto Investment Fund Syncry Capital. “The raise will take place place over the course of a month. And i think during
Pump.fun, which has been compared to the edgy 4chan social media network, allows users to quickly create, promote and sell MemeCoins, A Type of Token that Has No Intended UTILITY BUT Associated with Jokes, Memes and Celebrities.
The platform has been one of the biggest drivers of the explosive growth in Memecoins and the Attendant Burst in activity on the Solana Blockchain in the Past Year. Retail and Professional Investors Alike Have Poured Billions of Dollars Into The Sector, And Their Quests for Quick Profits are Seen as as Generating a Lucrative Stream of Fees for Pump.funs.
Other Market Participants also questioned The measure equals the current price time the total number of tokens expected to ever be in circulation.
“I would consider investing at $ 50 million FDV,” said Christine Fang, Managing Partner at Hong Kong-Based Crypto Hedge Fund Pse PSE PSE PSE TRDING. ” “Not sure if the $ 4 billion Valuation is justified, especially with the Lack of Liquidity Overall in Altcoins.”
But with few details about the token sala, others said it’s too early to make a conclusion.
“People are overly bearish on this, specifically, they don’t know the details,” said mert mumtaz, co-fore and Chief Executive Officer of Solana Infrastructure Project Helius.
“Pump is the main name behind memes today,” Mumtaz Added. So if they raise a bunch of extra money from investors instalad of users, I don’t see why they would invest this money to grow the market beyond what exists today. I mean
More stories like this area available on bloomberg.com
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