NewsletterPump.fun’s PUMP Token Goes Live On Exchanges, Trades At $5B FDV
Highlights
- PUMP is now available for trading on centralized cryptocurrency exchanges
- Kraken, Bybit and KuCoin are among the initial cohort of exchanges listing the PUMP token.
- Controversy has trailed the recent public sale of PUMP token to investors.
Pump.fun has announced that its PUMP token is available for trading on exchanges following the completion of a widely successful public launch. Since the announcement, PUMP has tumbled by nearly 30% but the fully diluted valuation (FDV) sits at $5B.
PUMP Token Can Be Traded On Exchanges, Says Team
According to an X post by Pump.fun, PUMP tokens from its public sale are now live on exchanges and are tradable. Several leading centralized exchanges, including Kraken, Bybit, KuCoin, and MEXC, have listed PUMP barely 48 hours after the public sale.
Going forward, market forces will now determine PUMP price, with the token facing a rough start to open market trading. At press time, PUMP is trading at $0.005, a steep decline of nearly 30% over the last day.
The decline is in stark contrast with the token’s weekend performance as PUMP surged during premarket, riding the buzz around its public sale. Despite a shoddy start to life, the FDV is pegged at $5.53B with 354 billion PUMP in circulation from its 1 trillion total supply.
Amid the dip, PUMP’s transaction volumes are soaring at $508 million, an 8,511% spike in barely 24 hours. Over the weekend, Pump.fun disclosed that it will allow trading after public sale participants have received their tokens.
Controversy Trails Token Trading Launch
As PUMP becomes tradable on exchanges, some community members are poking holes in the offering. Several Pump.fun public sale participants are raising alarm over the handling of the offering with Bybit suffering from unexpected API delays during the event.
While Pump.fun initially announced an incoming airdrop, the trading announcement did not contain any mention of the offering. Furthermore, investors are branding the token sale as a cash-grab by Pump.fun with VCs profiting over retail traders.
Amid the buzz, a Binance Pump.fun rival has launched, powered by a bonding curve mechanism for token generation events. Retrofitted with a dynamic pricing model, the launch marks Binance’s first foray into the TGE space as investors throw criticisms at Pump.fun.
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