Pump.fun Raises $600 Million in 12 Minutes for DIY Memecoins

In a week that saw Bitcoin touch new highs, crypto enthusiasts were once again drawn to the world of memecoins—a niche known for its unpredictability and humor—through a massive public token sale on Pump.fun, a platform built on the Solana blockchain.

A Lightning-Fast $600 Million Raise

On Saturday, Pump.fun pulled off one of the largest public sales in crypto history, raising $600 million in just 12 minutes. The token sale offered 150 billion tokens at $0.004 each, bringing the total raised by the platform to an astonishing $1.32 billion after factoring in an earlier $720 million sale to private investors. The figures come from a Bloomberg report and mark a defining moment in the memecoin space, often dismissed by critics for its lack of functional value.

The company made the announcement on July 9 via X (formerly Twitter), clarifying that investors from the U.S. and U.K. were excluded—likely to sidestep regulatory scrutiny, even as the current Trump administration signals a more favorable stance toward crypto innovation, including memecoins.

A New-Age Memecoin Powerhouse

Founded in 2024 by Alon Cohen, Noah Tweedale, and Dylan Kerler, Pump.fun has rapidly evolved into a major hub for user-generated memecoins. The platform allows anyone to launch their own token with minimal friction, capitalizing on social trends and online humor to create tradeable digital assets. Despite being meme-driven, the platform has generated nearly $800 million in revenue in under a year.

Memecoins, often centered around internet culture, celebrities, or political figures, continue to lure speculators. Yet they come with notorious volatility—case in point, the Official Trump coin (TRUMP), which has been hovering near its annual lows despite the former president’s vocal support for crypto.

From ICO Revival to Strategic Acquisitions

Pump.fun’s recent sale echoes the explosive initial coin offerings (ICOs) of 2017–2018, a period later marred by SEC crackdowns under former chair Gary Gensler. But in the current climate, bolstered by a more crypto-friendly U.S. administration, ICO-like events are seeing a revival.

The company also made headlines earlier in the week by acquiring Kolscan, a blockchain analytics tool designed to track high-performing Solana traders in real time. This tool offers detailed wallet insights, live trade monitoring, and a profit-and-loss leaderboard. Pump.fun plans to integrate Kolscan to create more socially driven, gamified trading experiences. As co-founder Cohen explained, the acquisition aligns with their vision of “onchain trading as a social sport.”

Further expanding its influence, Pump.fun has partnered with Bitget Wallet, which recently launched MemeScan—a mobile-first platform targeting high-volume meme coin traders. MemeScan now serves as the first dedicated launchpad to integrate with Pump.fun, streamlining the meme coin trading experience for advanced users.

From Criticism to Controversy

Despite its success, Pump.fun hasn’t escaped controversy. Co-founder Cohen had previously labeled presales as “scams,” a view now under fire from the community following the large-scale public token sale. The issue intensified when Gate.io briefly listed the PUMP token for pre-market trading before delisting it and issuing refunds, citing unresolved negotiations with Pump.fun.

According to an update posted on July 9, the newly issued Pump tokens will become tradeable within 48 to 72 hours after the public sale’s conclusion.

Looking Ahead

Pump.fun’s meteoric rise reflects a broader trend of renewed interest in community-driven crypto projects. While critics remain skeptical of memecoins’ long-term value, the platform’s momentum—combined with new partnerships, tools, and a loyal user base—suggests it’s playing an increasingly influential role in shaping the next phase of digital asset trading. Whether this wave of enthusiasm can withstand the market’s cyclical nature remains to be seen.