Update (July 9, 2:10 pm UTC): This article has been updated to include confirmation of token sale from Pump.Fun.
Bybit confirmed the details of the long-awaited bomb.Fun token sale, announced that users were registered through the European Union-controlled platform, bybit.eu, could not participate, citing compliance with the European Union markets in the regulation of crypto-assets (MICA) assets.
The public pump sale, the native token of the un-code Memecoin Launchpad pump.fun, will open on Saturday at 14:00 UTC and run on Tuesday, according to a Wednesday press release shared with cointelegraph.
A total of 150 billion pump tokens, 15% of 1 trillion total supply, were offered at a fixed price of $ 0.004 USDT per token.
Bybit, currently the second largest crypto exchange by trading volume, is the only major platform participating in the sale, the announcement said. Some of the other exchanges will also support the token sale.
Bybit will support USDT subscriptions (USDT), USDC (USDC), Solana (Sol) and BBSOL, which provides access to both stablecoins and solana-roofing assets.
Bybit has become the second major crypto exchange to reveal details about the upcoming sale of the pump token, following a slip through the gate.io. On Tuesday, published by the gate.io a Page describing a $ 600 million bomb sales tokenwhich is quickly obtained.
In a Wednesday’s post on X shortly after the sale was revealed bybit, the pump.fun officially announced the sale of the token. “Our plan is to kill Facebook, Tiktok, and Twitch. In Solana,” the platform write.
Related: Eliminates Gate.io page showing a $ 600m pump.fun token sale
Pump.fun rises in fame
The Pump.Fun, which was launched in January 2024, quickly increased in popularity for enabling users to create and trade memecoins with zero coding skills. The platform’s gamified interface and viral mechanics pushed a wave of onchain experiment to Solana, which changes casual users to active creators and entrepreneurs.
Last month, rumors started that the platform was preparing a $ 1 billion token sale to a $ 4 billion appreciation.
The crypto community is divided into its response. While some have expressed excitement about potential lists and trading opportunities, others criticize the impact of the platform on space.
Personality of Social Media Ash Crypto claimed The Pump.Fun has become Altcoin investors in the “Memecoin Gambler,” pointing to $ 700 million in the earned amount, including most users who have been reported to be losing money.
Data from Defillama Shut up Pump.Fun has generated nearly $ 715 million in income. The platform has generated over $ 35 million just last month.
Related: Bots behind most tokens at pump.fun and letbonk
Pump.fun’s momentum refused
Despite the hype surrounding its token sale, pump.fun volumes have plummeted About 75% from the height of Memecoin Frenzy in January, Dune said. Defillama reported A more steep 80% collapse in the sunny volume on the platform over the past six months.
The fall came as new competitors entered the space. On Monday, Cointelegraph reported The emerging launchpad letsbonk outpaced Pump.fun’s sun -shining income, which brings $ 1 million and signed a potential transition to Memecoin’s dominance.
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