Bybit to Host PUMP Token Sale, But Europe Users Barred

Replace (July 9, 2:10 pm UTC): This text has been up to date to embrace token sale affirmation from Pump.enjoyable.

Bybit has confirmed particulars of the much-awaited Pump.enjoyable token sale, revealing that customers registered by way of its European Union-regulated platform, Bybit.eu, will be unable to take part, citing compliance with the European Union’s Markets in Crypto-Property Regulation (MiCA).

The general public sale of PUMP, the native token of the no-code memecoin launchpad Pump.enjoyable, will open on Saturday at 14:00 UTC and run by way of Tuesday, in accordance to a Wednesday press launch shared with Cointelegraph.

A complete of 150 billion PUMP tokens, 15% of the 1 trillion whole provide, will likely be provided at a set value of $0.004 USDT per token.

Bybit, presently the world’s second-largest crypto alternate by buying and selling quantity, is the one main platform collaborating within the sale, the announcement mentioned. Quite a few different exchanges will even help the token sale.

Bybit will help subscriptions in USDt (USDT), USDC (USDC), Solana (SOL) and bbSOL, offering entry to each stablecoins and Solana-native property.

Bybit has turn out to be the second main crypto alternate to reveal particulars concerning the upcoming PUMP token sale, following a slip by Gate.io. On Tuesday, Gate.io briefly printed a page outlining a $600 million PUMP token sale, which was rapidly taken down.

In a Wednesday publish on X shortly after the sale was revealed by Bybit, Pump.enjoyable formally introduced the token sale. “Our plan is to Kill Fb, TikTok, and Twitch. On Solana,” the platform wrote.

Associated: Gate.io deletes page showing a $600M Pump.fun token sale

Pump.enjoyable rises to prominence

Pump.enjoyable, launched in January 2024, rapidly rose to prominence for enabling customers to create and commerce memecoins with zero coding abilities. The platform’s gamified interface and viral mechanics have pushed a wave of onchain experimentation on Solana, reworking informal customers into lively token creators and merchants.

Final month, rumors began swirling that the platform was preparing a $1 billion token sale at a $4 billion valuation.

The crypto neighborhood has been divided in its response. Whereas some expressed pleasure about potential listings and buying and selling alternatives, others have criticized the platform’s impression on the house.

Social media character Ash Crypto claimed Pump.enjoyable has turned altcoin buyers into “memecoin gamblers,” pointing to $700 million in extracted worth, with most customers reportedly shedding cash.

Knowledge from DefiLlama shows Pump.enjoyable has already generated practically $715 million in income. The platform has generated over $35 million over the previous month alone.

Associated: Bots behind most tokens on Pump.fun and LetsBonk

Pump.enjoyable’s momentum declines

Regardless of the hype surrounding its token sale, Pump.enjoyable volumes have plummeted about 75% because the peak of the memecoin frenzy in January, in accordance to Dune. DefiLlama reported a steeper 80% hunch in day by day quantity on the platform over the previous six months.

The downturn comes as new opponents have entered the house. On Monday, Cointelegraph reported that emerging launchpad LetsBonk outpaced Pump.enjoyable’s day by day income, bringing in $1 million and signaling a possible shift in memecoin dominance.

Journal: High conviction that ETH will surge 160%, SOL’s sentiment opportunity: Trade Secrets