The memecoin launchpad Pump.fun has completed one of the fastest-selling initial coin offerings (ICOs) to date.

In a post on the social media platform X, the Solana (SOL)-based platform says that its official native token, PUMP, sold out in just minutes during the ICO event on July 12th, generating millions of dollars in sales.

“The PUMP public sale has now ended. We are delighted to reveal that the PUMP public sale was able to sell out in only 12 minutes. We would like to thank our entire community for participating! The PUMP tokens will now enter the distribution phase.”

All the tokens that were sold through the Pump.fun website and participating crypto exchanges will be transferred 48 to 72 hours after the sale. The tokens will become tradable and transferable once the protocol announces that the process is completed. 

In an earlier statement, Pump.fun said that 33% of PUMP’s maximum supply of 1 trillion will be sold in the ICO, 24% is reserved for community and ecosystem initiatives, 20% is allocated for the team, 13% for the existing investors, 2.4% for the ecosystem fund, 2% for the foundation, 3% for livestreaming and 2.6% for liquidity and exchanges.

According to data from the crypto exchange Gate, the public token sale sold 125 billion PUMP at 0.004 USDT each, raising a total of $500 million.

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Pump.fun’s long-anticipated public token sale concluded in a mere 12 minutes, and investors snapped up the full 12.5% of its 1 trillion‑token supply in a quick move. The event raised a total of $500 million from the sale of 125 billion PUMP tokens priced at $0.004, which accounts for 12.5% of the total 1 trillion token supply. 

$500 Million Raised In Just 12 Minutes

The Pump.fun ICO has officially become one of the most explosive token launches of the year after raising $500 million and closing out its sale in just 12 minutes. The Solana-based memecoin launchpad stunned the crypto community this Saturday with an explosive public token sale offering that distributed 125 billion PUMP tokens, which amounts to about 12.5% of the total 1 trillion supply at $0.004 apiece. This complete sale brings the PUMP tokens to a fully diluted valuation (FDV) of $4 billion.

Investors participated in the ICO by buying directly on the Pump.fun official token website or any of the project’s multiple centralized exchanges, which include Bybit, KuCoin, Bitget, Kraken, Gate.io, and MEXC. According to a dashboard on the official website, $448.5 million worth of PUMP tokens were purchased on the website, $5 million worth were purchased on Gate, $30 million worth were purchased on Kraken, and $16.5 million worth of tokens were purchased on KuCoin.

Image From Pump.fun

Buyers can expect PUMP tokens to be distributed within the next 48 to 72 hours, but transfers will be temporarily disabled during this window. Transfers will be enabled immediately after the distribution is complete. Nonetheless, pre-market activity suggests strong bullish sentiment. The quick sellout indicates that the crypto could surge massively in the first few trading sessions after launch, as long as the market is still in its current bullish state at the time it launches.

Mixed Reactions After Quick Sellout

The earliest that PUMP could become tradable and accessible for US and UK users is Monday, July 14. Notably, PUMP’s pre-listing price surged to as high as $0.006989 on Hyperliquid after the sale. Although it dropped after this peak, it has recovered a bit and is now around $0.006989. 

Notably, the project’s post of the sellout on the social media platform X was met with mixed reactions, as shown in the comments. Supporters celebrated the event, but not everyone was impressed. Some users voiced frustration over exchange issues that prevented them from completing their purchases during the short 12-minute window, while others raised questions about token distribution fairness, especially considering the discrepancy between the 33% supply initially promised for the ICO and the 12.5% that was ultimately offered in the public sale.

Image From Pump.fun

One trader reportedly opened a huge short position on Hyperliquid on $PUMP using 2x leverage with $8 million in USDC. The position is already about $800,000 in the red and is steadily approaching liquidation at $0.0085.

Featured image from Unsplash, chart from TradingView

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Pump.fun, a platform that enables anyone to create and launch memecoins, concluded one of the largest and fastest initial coin offerings (ICOs) on Saturday. Within 12 minutes of the ICO going live, the platform raised $600 million from the sale of 15% of its token supply for $0.0040 each.

The ICO, which ended far quicker than the assigned 72 hours, put the platform’s fully diluted valuation at $4 billion, according to the platform.

Over the next 48-72 hours, all 150 billion PUMP tokens will be transferred to the investors. The tokens, however, will remain untradeable and untransferrable until the platform completes the distribution phase by July 15, according to ICO Drops data.

The PUMP token was available for sale on various centralized exchanges, including Gate, Kraken, and KuCoin, each of which saw cumulative investments worth $5 million, $30 million, and $16.5 million, respectively.

Bybit announced that due to unexpected delays in its application programming interface (API), the PUMP sale was oversubscribed. The exchange said it is verifying the final allocation of users whose funds are frozen. For users who did not receive an allocation, Bybit said it will refund all funds.

Investors from the U.S. and the U.K. were barred from participating in the ICO for regulatory reasons. According to Bloomberg, today’s ICO pushed Pump.fun’s total token sales to $1.32 billion.

All about the PUMP token

The platform describes the PUMP token as a “utility coin that will be used alongside the pump.fun brand behind the Pump.Fun Protocols.”

Holders of the PUMP token can choose to participate in promotional giveaways. Pump.fun, however, clarifies that its protocols will remain permissionless and will not require the use of PUMP tokens.

The PUMP token’s maximum supply is capped at 1 trillion, of which 33% or 330 billion tokens are allocated to the ICO. Of the 33%, 18% or 180 billion tokens were sold to institutional investors in a private sale, the platform said in an X post. The remaining 15% was sold to retain investors during today’s ICO.

It is worth noting that data Pump.fun shows that only 12.5% of the token supply was sold for a total of $500 million. However, Pump.fun co-founder Alon Cohen told Bloomberg that all 15% of PUMP’s supply was sold in today’s ICO as per previously announced plans.

Community reaction

Despite the undeniable success of Pump.fun’s ICO, the crypto community is divided over its merits. This is especially in light of Pump.fun facing growing competition from LetsBONK and a decline in revenue. LetsBONK, a Solana-based memecoin launchpad, has clocked more volume than Pump.fun over the past week, according to Dune Analytics data.

Noting that he is not an investor, Haseeb Qureshi, managing partner at venture capital firm Dragonfly, noted:

“$PUMP is going to be getting 25% of Pump revenues, so beyond one of the largest ICOs ever, this will be one of the highest gross revenue tokens in crypto.”

Others, however, are less thrilled about the ICO. For instance, Jeremie Henicz, head of XBorg AI, asked if he’s the only one who finds it “cringe,” while responding to Qureshi. Similarly, Marty Bent, founder of Truth for the Commoner (TFTC), stated:

“Pump.fun and those supporting it (even if at arm’s length) are Pied Pipers leading Gen Z to ruin.”

Even before the ICO, many have criticized the platform’s tokenomics. Crypto researcher Rex, for instance, called the platform’s tokenomics exploitative, with nearly 40% tokens allocated to Pump.fun itself.

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The big picture: A smartphone smuggled out of North Korea is offering a rare – and unsettling – glimpse into the extent of control Kim Jong Un’s regime exerts over its citizens, down to the very words they type. While the device appears outwardly similar to any modern smartphone, its software reveals a far more oppressive reality.

The phone was featured in a BBC video, which showed it powering on with an animated North Korean flag waving across the screen. While the report did not specify the brand, the design and user interface closely resembled those of a Huawei or Honor device.

It’s unclear whether these companies officially sell phones in North Korea, but if they do, the devices are likely customized with state-approved software designed to restrict functionality and facilitate government surveillance.

One of the more revealing – and darkly amusing – features was the phone’s automatic censorship of words deemed problematic by the state. For instance, when users typed oppa, a South Korean term used to refer to an older brother or a boyfriend, the phone automatically replaced it with comrade. A warning would then appear, admonishing the user that oppa could only refer to an older sibling.

Typing “South Korea” would trigger another change. The phrase was automatically replaced with “puppet state,” reflecting the language used in official North Korean rhetoric.

Then came the more unsettling features. The phone silently captured a screenshot every five minutes, storing the images in a hidden folder that users couldn’t access. According to the BBC, authorities could later review these images to monitor the user’s activity.

The device was smuggled out of North Korea by Daily NK, a Seoul-based media outlet specializing in North Korean affairs. After examining the phone, the BBC confirmed that the censorship mechanisms were deeply embedded in its software. Experts say this technology is designed not only to control information but also to reinforce state messaging at the most personal level.

Smartphone usage has grown in North Korea in recent years, but access remains tightly controlled. Devices cannot connect to the global internet and are subject to intense government surveillance.

The regime has reportedly intensified efforts to eliminate South Korean cultural influence, which it views as subversive. So-called “youth crackdown squads” have been deployed to enforce these rules, frequently stopping young people on the streets to inspect their phones and review text messages for banned language.

Some North Korean escapees have shared that exposure to South Korean dramas or foreign radio broadcasts played a key role in their decision to flee the country. Despite the risks, outside media continues to be smuggled in – often via USB sticks and memory cards hidden in food shipments. Much of this effort is supported by foreign organizations.

Image credit: BBC

The FOMC minutes came out yesterday.

These are the detailed notes from the Fed’s latest policy meeting – in this case, from May 6 – 7, when they decided to leave interest rates unchanged at 4.25% – 4.50%.

Traders dig into these notes to look for hints about what the Fed’s planning next – specifically, whether a rate cut is on the horizon.

(Because lower rates = bullish for crypto.)

So…are we getting one?

Hate to break it to ya, but it doesn’t look like it.

According to the minutes, Fed officials are worried about two things getting worse at the same time: inflation and unemployment.

That puts them in a tough spot:

• If they cut rates to help the job market, inflation could rise;

• If they raise rates to fight inflation, unemployment could rise.

A no-win scenario. So, they agreed that the safest thing to do now is to be cautious.

Translation: the Fed will probably keep rates the same when they meet again on June 17 – 18.

And yeah, the markets aren’t thrilled about that.

On a more positive note, though, Nvidia’s Q1 earnings also came out yesterday – and they crushed it. Revenue and profits were both better than expected.

While that’s not directly tied to crypto, it still matters. Big wins in the tech sector tend to improve overall investor confidence. And when the mood’s good, major cryptos often ride that wave too.

Plus, it’s another W for AI, which feeds into the crypto + AI narrative.

Web3 anime-themed franchise Final Bosu has completed a rapid sellout of its public mint, with all 3,445 NFT claimed just six minutes after the sale opened on Monday, April 14 at at 15:00 UTC.

This followed two prior pre-order phases in March, where early supporters were able to reserve NFTs at a lower price of $180. Participants from those phases, along with holders of the earlier Bosu Legacy NFTs, can now also claim their NFTs.

Held on Abstract, the sale used a first-come, first-served model priced at 0.134 $ETH ($220) each.

What is Final Bosu?

Final Bosu is an independent web3 media project that blends anime-style storytelling with blockchain-based ownership. Founded by three brothers—Kevin, Jeff, and artist Mustayaki—along with longtime collaborator John, the team’s background in storytelling and visual design forms the basis of the franchise’s narrative direction.

Final Bosu’s narrative centres on a world where individuals are reborn without memory of past lives. Each person possesses a “growth path” marked by five nodes. As they develop emotionally or psychologically, nodes activate—culminating in the emergence of a “Final Bosu,” a titan-like manifestation of their internal fears.

The team has so far introduced five main characters, including Letsugo, Sandi, Bull, Bear and Endo. The story follows their attempts of the characters to evolve and overcome the final titan, something no one has done before.

Positioned as a multimedia IP, the project plans to expand beyond NFTs into games, animation, merchandise and other media formats.

What’s next for Final Bosu?

With the public mint completed and trading live on secondary markets, the team is expected to shift focus toward the collection reveal, content development and IP expansion. Whilst no specific roadmap dates have been announced, the team has signaled intentions to grow the project into games, animation, and physical goods.

Pre-order participants and Legacy Collection holders can now begin claiming their NFTs, with a 60-day window to do so. After this period, any unclaimed NFTs will be moved into the community reward ecosystem.

The Final Bosu collection is currently seeing active trading on secondary markets, with Magic Eden reporting a floor price of 0.177 $ETH and a 24-hour trading volume of 223.3 $ETH.