Update (July 9, 2:10 pm UTC): This article has been updated to include token sale confirmation from Pump.fun.
Bybit has confirmed details of the much-awaited Pump.fun token sale, revealing that users registered through its European Union-regulated platform, Bybit.eu, will not be able to participate, citing compliance with the European Union’s Markets in Crypto-Assets Regulation (MiCA).
The public sale of PUMP, the native token of the no-code memecoin launchpad Pump.fun, will open on Saturday at 14:00 UTC and run through Tuesday, according to a Wednesday press release shared with Cointelegraph.
A total of 150 billion PUMP tokens, 15% of the 1 trillion total supply, will be offered at a fixed price of $0.004 USDT per token.
Bybit, currently the world’s second-largest crypto exchange by trading volume, is the only major platform participating in the sale, the announcement said. A number of other exchanges will also support the token sale.
Bybit will support subscriptions in USDt (USDT), USDC (USDC), Solana (SOL) and bbSOL, providing access to both stablecoins and Solana-native assets.
Bybit has become the second major crypto exchange to reveal details about the upcoming PUMP token sale, following a slip by Gate.io. On Tuesday, Gate.io briefly published a page outlining a $600 million PUMP token sale, which was quickly taken down.
In a Wednesday post on X shortly after the sale was revealed by Bybit, Pump.fun officially announced the token sale. “Our plan is to Kill Facebook, TikTok, and Twitch. On Solana,” the platform wrote.
Related: Gate.io deletes page showing a $600M Pump.fun token sale
Pump.fun rises to prominence
Pump.fun, launched in January 2024, quickly rose to prominence for enabling users to create and trade memecoins with zero coding skills. The platform’s gamified interface and viral mechanics have driven a wave of onchain experimentation on Solana, transforming casual users into active token creators and traders.
Last month, rumors started swirling that the platform was preparing a $1 billion token sale at a $4 billion valuation.
The crypto community has been divided in its response. While some expressed excitement about potential listings and trading opportunities, others have criticized the platform’s impact on the space.
Social media personality Ash Crypto claimed Pump.fun has turned altcoin investors into “memecoin gamblers,” pointing to $700 million in extracted value, with most users reportedly losing money.
Data from DefiLlama shows Pump.fun has already generated nearly $715 million in revenue. The platform has generated over $35 million over the past month alone.
Related: Bots behind most tokens on Pump.fun and LetsBonk
Pump.fun’s momentum declines
Despite the hype surrounding its token sale, Pump.fun volumes have plummeted about 75% since the height of the memecoin frenzy in January, according to Dune. DefiLlama reported a steeper 80% slump in daily volume on the platform over the past six months.
The downturn comes as new competitors have entered the space. On Monday, Cointelegraph reported that emerging launchpad LetsBonk outpaced Pump.fun’s daily revenue, bringing in $1 million and signaling a potential shift in memecoin dominance.
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