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Memecoin launch platform Pump.fun raised $500 million in an initial coin offering (ICO) on Saturday, which sold out in about 12 minutes.
The PUMP token has a maximum supply of 1 trillion, and 33% of the supply was allocated to the ICO. 24% of the supply was allocated to the ecosystem and future community projects, while 13% was reserved for existing investors, according to the memecoin platform.
Of the 33% ICO allotment, 18% went to institutional investors, and 15% was offered to retail traders. Pump.fun’s ICO may signal the return of the memecoin…
