Investors focus on Megaeth’s $450m token sale as project backed by Ethereum founders smashes target
Ethereum Layer-2 Project Megaeth pulled in $450 million during a token sale that drew nearly nine times its fundraising target during its live time.
Blockchain analytics firm Arkham disclosed 819 wallets made the maximum amount, sending $186,000 worth of USDT to Megaeth’s selling address, with the total amount of investors reaching 14,491.
Backed by Ethereum co-founders Vitalik Buterin and Joe Lubin through parent company Megalabs, Megaeth aims to deliver sub-millisecond latency and 100,000 transactions per second, performance that rivals traditional web applications while maintaining Ethereum compatibility.
A weighted allocation system based on prior community engagement and lock-up pledges will determine the final token distribution once the auction closes in two days. Mega tokens, which will be ERC-20 tokens, will support the network when trading goes live in January 2026.
Sentiment analyst Brian q said The demand has shown growing investor appetite for ultra-fast Ethereum expansions. “This is the closest to web-level performance in the chain,” he said.
Brian balanced the bullish sentiment by adding that “such aggressive, synchronized buying could be a red flag,” and that too many buyers “could intensify speculative pressure,” potentially raising the risk of a sharp pullback on the launch.
The crypto market has not reacted well to Plasma launcha blockchain-focused stablecoin with similar levels of hype. Plasma’s native XPL token fell from $1.67 at its debut in September to $0.344, suggesting early investors are locking in profits and demand is struggling to keep up with the flood of supply.
