Kraken Announces Additional PUMP Airdrop Following Token Sale Issues

On July 12, the ICO for the PUMP token from the «meme coin factory» Pump.fun took place, raising $500 million. The token sale concluded in just 12 minutes, although users on several platforms encountered issues.

According to data from the ICO website, only $51.5 million was processed through three centralized exchanges (CEX). A significant 89.7% of the token supply was purchased directly on Pump.fun.

The exchanges where the sale was available included:

Participants in the token sale experienced delays in processing their applications and were unable to secure their PUMP allocations. As a result, Kraken CEO Arjun Sethi announced an additional airdrop of the token for users affected by the technical malfunction.

«The right to receive PUMP depends on a verified intent to place an order during the sale. No action is required. Distribution will occur automatically and at no cost,» he stated.

The exchange team will compile a list of clients who will receive notifications via email soon.

Users on Bybit reported that even buy orders placed within the ninth and tenth seconds of the sale did not go through. Bybit apologized for the issues with processing API requests.

«Due to unexpected API delays, there was an overload of requests: some users successfully received their allocations while others did not,» representatives from the exchange said.

They assured that clients who experienced such issues would receive full compensation.

The recent token sale of this meme coin has become one of the top 3 largest in the industry, priced at $0.004 with a market cap of $4 billion, according to Investopedia.

According to Dune, nearly 24,000 individuals participated in the ICO, but only 10,145 managed to purchase the token.

The average investment amount was $44,209. As per Bubblemaps, over 75% of the total PUMP tokens are held by 843 addresses that purchased allocations exceeding $100,000, with 179 wallets holding tokens worth $1 million.

Currently, the pre-market trading is available on Hyperliquid, where PUMP has consistently traded above the presale price, reaching a peak value of $0.0072.

The public launch for trading is scheduled for July 15.

Opinions regarding the success of the token sale remain mixed.

«PUMP will receive 25% of trading revenues, so in addition to being one of the largest ICOs in history, this token is also set to become one of the most profitable in the crypto industry by gross revenue,» declared Haseeb Qureshi, managing partner at Dragonfly Capital.

The founder of Pump.fun, known as Alon, reported selling 15% for $600 million, while the sale page indicates 12.5% or $500 million.

A trader under the alias Ashcryptoreal responded to the speed of investment collection with:

«Pumpfun closed the funding round. $600 million in 12 minutes. People haven’t learned a thing.»

On-chain analyst rezxbt expressed that the tokenomics of PUMP pose a threat to liquidity extraction, with 40% of the total token supply concentrated in the hands of the project team.

It’s worth noting that Pump.fun lost its leading position in daily revenue to Letsbonk just before the ICO.