Pump.fun’s PUMP token opened at a fully diluted valuation (FDV) of roughly $5.6 billion on July 14 and fell 7.3% within the first three hours of trading, according to DEX Screener data. 

The Solana-based coin changed hands at approximately $0.005128 at 20:30 UTC, implying a current FDV of nearly $5.12 billion, liquidity of $19.3 million, and 11,160 on-chain transactions worth $34.1 million logged during the period.

Buy activity slightly outpaced sales, with 6,210 purchases versus 4,950 sales, while the split in dollar terms ran almost even at $18.7 million and $19.1 million, respectively.

Record-setting sale fills war chest

The token’s debut followed a 12-minute public sale on July 12 that raised $500 million and distributed 125 billion PUMP.

The sale-priced tokens at $0.004 were exhausted on Pump.fun’s website and four centralized exchanges, marking one of the fastest capital raises in ICO history.

On-chain dashboards compiled by Dune show that 23,959 wallets have completed the mandatory Know Your Customer procedures, but only 42.3% have secured tokens. 

The average spend reached $44,209, while the median landed near $550, illustrating a skew toward whale participation, even as small holders dominated numerically. Exactly 202 wallets hit the $1 million hard cap, while 5,758 spent less than $1,000.

Pump.fun’s own breakdown assigns 33% of supply to the ICO, 24% to community and ecosystem initiatives, 20% to the founding team, 13% to existing investors, 3% to a livestreaming budget, 2.6% to liquidity and exchange incentives, 2.4% to an ecosystem fund, and 2% to a nonprofit foundation. 

Furthermore, website analytics indicate that 76% of the tokens were sold through Pump.fun’s portal, with the balance handled by partner exchanges. The team said this approach strengthens direct ties to users and limits middleman influence. 

Developers required identity checks for all participants and excluded residents from the US and UK, positioning the raise as a “compliant” alternative to earlier memecoin launches, according to statements posted on social media by Dune contributor Adam Tehc.

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XRP Ledger posted the second-largest 30-day increase in tokenized real-world assets (RWA), adding 34.6% to reach $157.4 million, data from rwa.xyz shows. 

Only Aptos outpaced that monthly growth, expanding nearly 57% to $539.3 million, while Ethereum maintained the lead by total value at $7.55 billion, with a 2.4% gain.

Notably, the XRP Ledger is the 10th-largest blockchain by total tokenized RWA value, but it displays the third-smallest number of projects, with six initiatives.

However, this number is set to rise following a recent partnership between Ripple and Brazilian crypto platform Mercado Bitcoin, which aims to tokenize $200 million using the XRP Ledger.

Aptos and XRP Ledger headed the leaderboard by percentage growth. Algorand advanced 21.8% to reach $294.7 million, and Solana added 18.5% to hit $415.0 million. 

Stellar was the only top-ten network to shrink, slipping 5.7% to $467.7 million. Ethereum and ZKsync Era, which account for more than three-quarters of the tracked value, recorded low single-digit moves. XRP Ledger’s share of the indexed market now stands at 1.2%.

Inside XRP Ledger’s tokenization stack

US Treasury debt comprises the largest slice of tokenized value on XRP Ledger at $90.1 million, or roughly 57% of the network’s RWA base. Public equity receipts follow at $55.4 million, with non-US sovereign debt and real-estate tokens contributing $11.9 million and $2.9 million, respectively.

Archax anchors the ledger’s protocol table with $112.1 million across three instruments, equal to 55.6% of on-chain value, while Ondo holds $30.1 million.

Furthermore, token volumes on XRP Ledger are set to widen. The Brazilian exchange Mercado Bitcoin announced on July 4 that it plans to tokenize more than $200 million in permissioned fixed-income and equity-income products on the blockchain. 

According to Ripple, the effort ranks among the most extensive Latin American tokenization campaigns. It builds on Mercado Bitcoin’s record of issuing more than R$1 billion ($182 million) in on-chain private credit assets with zero defaults. 

The exchange will utilize XRP Ledger’s native settlement layer to distribute the instruments across South America and Europe.

Ripple noted that Mercado Bitcoin already uses Ripple Payments for cross-border treasury transfers between Brazil and Portugal and listed the RLUSD stablecoin on its venue earlier this year. 

If completed in full, the new issuance would more than double the ledger’s current RWA capitalization and move the network higher in RWA.xyz’s rankings.

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