Update (July 9, 2:10 pm UTC): This article includes updated token sale confirmation details from Pump.fun.

Bybit Confirms Pump.fun Token Sale Amid EU Platform Block

Crypto exchange Bybit has detailed the anticipated Pump.fun token sale, explaining that users registered through its EU-compliant platform, Bybit.eu, will be barred from participation to adhere with European Union’s Markets in Crypto-Assets Regulation (MiCA).

Key Details of the PUMP Token Offering

Apress release shared with Cointelegraph on Wednesday confirmed that the public sale of PUMP, Pump.fun’s native token, will commence Saturday at 14:00 UTC and continue through Tuesday.
The offering consists of 150 billion PUMP tokens, representing 15% of the 1 trillion total supply, at a fixed price of $0.004 USDT per token.

Bybit, the world’s second-largest crypto exchange by trading volume, stated it is the sole major platform officially confirmed by Pump.fun to support the sale, although other exchanges are expected to follow suit.

Supported subscription currencies on Bybit include USDt, USDC, SOL, and bbSOL.

Building on Earlier Leaks

Bybit’s confirmation makes it the second major exchange to disclose details about the PUMP sale following a brief slip-up reported on Gate.io, which quickly removed its listing page. Pump.fun subsequently announced the sale on X.

Pump.fun: Phenomenon and Firestorm

Since its January 2024 launch, Pump.fun has rapidly gained notoriety by enabling no-code memecoin creation, attracting a massive user base on the Solana network.

Recent whispers suggested the platform could raise up to $1 billion at a $4 billion valuation.

While attracting significant interest and investment, Pump.fun has faced sharp criticism. Social media influencer Ash Crypto termed its users “memecoin gamblers,” citing nearly $715 million extracted from participants and widespread losses.

DefiLlama data attests to Pump.fun’s revenue generation, exceeding $35 million over the last 30 days.

Momentum in Decline

Traffic reports indicate a sharp downturn for Pump.fun, with Dune showing trading volume plummetting approximately 75% since January’s peak, and DefiLlama noting an 80% six-month decline in daily volume.

This lagging is occurring despite the emergence of competitors, with LetsBonk recently surpassing Pump.fun’s daily revenue and signaling a potential shift in memecoin dominance patterns.