Pump.fun raised $500 million in an ICO that sold out in 12 minutes. The PUMP token has a max supply of 1 trillion, with 33% allocated to the ICO, 24% for ecosystem projects, and 13% for existing investors. The ICO may signify the return of the memecoin sector after a downturn in 2024.

The public token sale hints at the revival of ICOs, which waned due to regulatory pressure in the US under Gary Gensler. The crypto community has mixed reactions to Pump.fun, with some celebrating its success and others viewing it negatively. Coinbase’s head of product notes that many tokens on memecoin platforms are created by bots.

Despite raising $500 million, Pump.fun has divided the crypto community. Some see it as a significant revenue token in crypto, while others criticize it as leading Gen Z astray. Automated bots are responsible for creating a large number of tokens on platforms like Pump.fun and competitors. This article does not offer investment advice.

Read more at Cointelegraph: Pump.fun Launches ICO, Raises $500 Million Within Minutes