Pump.fun delays its token sale to mid-July

Pump.fun once again postponed the auction of its token, tentatively scheduled for June 25. Sources close to the meme platform noted the auction has been delayed several times since the initial plans for a native token. 

Pump.fun will continue to operate as a tokenless platform, as the TGE and auction were once again delayed. According to sources, Pump.fun intended to launch its auction on June 25, but the event may be pushed to mid-July. The platform aimed to raise $1B for a $4B valuation. The delay arrived just days after the Pump.fun X account was suspended, along with other influencers in the Solana ecosystem. 

Currently, Pump.fun only relies on pre-market trading on the Aevo DEX. Additionally, sources close to Pump.fun mention that the platform is selling token allocations to cryptocurrency funds. Based on social media expectations, up to 60% of the PUMP tokens would be sold through a private placement. 

According to recent sources, there are on-chain data of sales to selected investors, based on stablecoin deposits to wallets connected to Pump.fun. Up to $70M may be raised in the initial stages, sold to private investors ahead of the larger TGE. While the initial selling may be slow, there are expectations that the proper token sale event may fill up in minutes. 

Pump.fun has already achieved cumulative revenues over $760M during its most active year of meme activity, raising questions on the need for extra fundraising and a new token. However, the opportunities for revenue sharing are still raising the potential demand for the token. 

Pump.fun still produces over $2M in daily fees, setting expectations of sharing the inflows with PUMP holders. Before the announcement of a potential auction, Pump.fun users were also anticipating an airdrop as a reward for activity on the platform.

PUMP tokens break out to a higher price in pre-market trading

Even the delayed official launch has not stopped speculations about PUMP. In pre-market trading, PUMP accrued only $12K in open interest, reaching $5.85 on low-liquidity speculation. The market rallied to a peak above $7, suggesting Pump.fun may have a chance at reaching a fully diluted value of over $6B. 

The Aevo pre-market trading remains only an indicator of general interest while increasing the exposure of PUMP. 

The expected notional value for the PUMP sale is aimed at $4B in total valuation, or around $4 per token. There are expectations that PUMP may be undervalued at that price, since the platform rivaled markets like Hyperliquid based on monthly fees. PUMP may reflect the market’s performance if the token does not fall due to immediate selling pressure. 

Additionally, there are multiple meme tokens trying to claim the ticker, including a very early meme launched in the first days of Pump.fun. There is currently no on-chain evidence for an official token and no hints that an already existing asset would be adopted as official. 

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