BCGAME - Free 5BTC Daily Bonus!- $PUMP Token Debuts at $5,6 Billion Valuation
- Pump.fun platform raised $500 million in ICO
- Controversies mark launch of cryptocurrency exchanges
The Pump.fun platform launched The $PUMP token officially launched on Monday, after raising $500 million during an initial offering that sold out in less than 12 minutes over the weekend. The asset was made available on major exchanges, including Bybit, MEXC, Bitget, Gate, KuCoin, and Hyperliquid.
$PUMP launched with an initial price of $0,0056, resulting in a fully diluted valuation of $5,6 billion. Shortly after its debut, it rose to $0,0065 before falling back to $0,0051 at the time of writing.
The presale process, however, generated complaints. Arjun Sethi, co-CEO of Kraken, admitted system flaws that prevented some investors from completing their purchases. As a compensatory measure, the exchange will acquire the tokens on the secondary market and distribute them to affected users at an additional premium.
At Bybit, there were also reports of outages during the allocation period. Initially, the exchange attributed the delays to issues with Pump.fun's API, but soon revised its explanation. In response to the criticism, the exchange announced a $20 spot fee credit for affected participants, a measure that was not well received by everyone.
The $PUMP token is available for spot trading and deposits on listed platforms. Hyperliquid has also made perpetual contracts available with up to 5x leverage, expanding trading possibilities for more aggressive investors.
