- Bybit will host Pump.fun’s PUMP token sale from July 12-15 but European users cannot participate due to MiCA regulations.
- • The sale offers 150 billion tokens at $0.004 each and accepts USDT, USDC, SOL, and bbSOL payments.
- • Pump.fun’s trading volume has dropped 75% since January and Gate.io withdrew from the token sale without notice.
Bybit has confirmed it will host the public sale of Pump.fun’s PUMP token from July 12 at 14:00 UTC through July 15. The exchange will run the sale on its main global platform, excluding European users due to MiCA regulatory compliance requirements.
The restriction stems from the Markets in Crypto-Assets Regulation rules that limit new crypto token sales in EU countries. European traders cannot access the sale through Bybit.eu, the exchange’s MiCA-compliant platform.
Sale Details and Token Economics
The token sale will offer 150 billion PUMP tokens, representing 15% of the total 1 trillion supply. Each token carries a fixed price of $0.004 USDT.
Participants can subscribe using USDT, USDC, SOL, and bbSOL. The accepted currencies include stablecoins and Solana-native assets, matching Pump.fun’s blockchain infrastructure.
Bybit remains the only major exchange confirming participation in the token sale. Other platforms have not disclosed involvement in the offering.
Platform Performance Shows Mixed Results
Pump.fun launched in January 2024 as a platform enabling users to create and trade meme coins without coding knowledge. The service gained momentum during Q1 2024 through its user-friendly interface and Solana blockchain integration.
DefiLlama data indicates the platform generated over $715 million in total revenue, with $35 million earned in the past 30 days. However, user activity has declined significantly since peak performance.
Dune Analytics reports a 75% drop in trading volume since January. DefiLlama shows an even steeper decline, with daily volume falling 80% over six months.
Social media discussions reflect user concerns about value preservation. Ash Crypto claimed approximately $700 million was extracted from users, noting widespread losses among meme coin traders on the platform.
Gate.io removed its Pump.fun token sale listing page on July 8 without prior notice. The page now returns a 404 error. A Gate.io representative confirmed ongoing discussions with Pump.fun but provided no timeline for potential relisting.
The original Gate.io listing targeted a $600 million raise based on the fixed price and supply parameters. With Gate.io’s withdrawal, Bybit has become the sole active platform hosting the sale.
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