Pump Token Surges Premarket Following Pump.fun $600M Raise
Highlights
- PUMP token is up 16% on Hyperliquid's perpetual market after the completion of a $600M public sale.
- Bybit says an API delay has triggered an oversubscription of the token sale.
- Investors have their eyes peeled on a 72-hour window for the commencement of token trading.
Following Pump’fun’s public token sale, which sold out in minutes, the Pump token has spiked by 16% in premarket trading. As investors eye the start of trading, Bybit is blaming the meme coin launchpad’s API delay for causing an oversubscription to the offering.
Pump Token Spikes Ahead Of Official Trading Launch
According to exchange data from Hyperliquid’s perpetuals market, Pump.fun’s PUMP token has surged by 16% over the last day in a rally driven by its initial coin offering (ICO). At press time, the Pump token is exchanging hands at $0.006725 in premarket with investors jostling for positions ahead of the trading launch.
Previously, the team announced the Pump.fun public token sale, offering 12.5% of the total supply to investors. Barely 12 minutes after the public sale launch, investors snapped up all the Pump tokens at $0.004, raising $500 million on-chain and an additional $100 million from centralized exchanges.
Before the PUMP token ICO, the platform had already stated that the token wouldn’t be tradable until 48 to 72 hours after the public sale ends. The platform also confirmed in a recent announcement that it will use this window to distribute the tokens to the ICO participants.
during the next 48-72 hours, all tokens purchased via https://t.co/xmKGNt3otZ or participating exchanges will be transferred to the participants.
the tokens will initially be untradable & untransferrable whilst the distribution phase is carried out.
once the distribution phase…
— pump.fun (@pumpdotfun) July 12, 2025
Amid the premarket buzz, concerns persist about a potential price correction upon the full trading launch. According to the on-chain analytics platform Spot On Chain, traders can short the token and, upon distribution, use it to close their short position, netting a low-risk gain.
“For ICO participants, they can make 40% by going short on pre-market now and close when receiving the token,” said Spot On Chain. “With the cap at $1M, they cqan make $400K with low risk.”
Bybit Blames API For Oversubscription
Bybit revealed in an official statement that the Pump.fun token was oversubscribed by users of the centralized exchange. The top crypto exchange blamed “an unexpected API delay” for the oversubscription of the offering, leading to some users failing to receive their allocations.
Going forward, Bybit says it will fully refund users that are yet to receive their allocations due to the API delay. In the meantime, the exchange is verifying final allocation outcomes to unfreeze funds from users who attempted to subscribe to the offering.
- Fed’s John Williams Backs More Rate Cuts This Year Amid Labor Market Concerns
- Bitcoin Edges Higher as Fed Chair Jerome Powell Fails to Comment on Monetary Policy
- Flare Network Surpasses $43M in Bridged XRP, Expert Predicts Breakout to New ATH
- Bitcoin, Ethereum Drag Broader Crypto Market Lower Ahead of FED Powell Speech
- Breaking: Ripple Partners With Bahrain’s Fintech Bay in Push for RLUSD Adoption
- Pi Network Price Collapses as Analyst Proposes Turnaround Tweaks
- Solana Price Prediction as SOL DAT Company Plans 5% Supply Acquisition—Analyst Targets $1,300 Breakout
- Bitcoin Price Prediction as US Govt. Shutdown Extends- What’s Next for BTC?
- Solana Price Megaphone Points to a Parabolic Move as SOL Treasuries Near $3B
- XRP Price Prediction Amid ETF Approval Roadblock as Analyst Warns of $2.72 Dip
- Binance Coin Price Prediction If It Surpasses Bitcoin Marketcap— Is $3000 Possible in 2025?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
