Pump Fun ICO raises $600M as PUMP traders dodge sale restrictions
Memecoin platform Pump Fun’s initial coin offering (ICO) has concluded, and its PUMP token is now tradable on several exchanges. The token was initially sold for $0.004 during the ICO and has now risen to approximately $0.0055, according to data from Binance-owned CoinMarketCap. The initial sale, which took place on July 12, sold out in mere minutes, with Pump Fun raising approximately $600 million. Interestingly, despite the ICO requiring purchasers to go through a know-your-customer (KYC) process, Analysis from Blockworks suggests that some wallets participated in the sale from dozens, or in at least one case hundreds, of addresses . Blockworks highlighted that 88888FAoqY6JdSvz7fk1FPd6qjPTcCMGcS64GbwonLoE funded 500 different addresses that all participated in the sale, purchasing a total of $200,000 worth of PUMP tokens. Its Analysis also stated that this address had previously participated in other memecoin sales, including WUKONG. The team behind th...