Solana-based memecoin platform Pump.fun is preparing for what could become one of the largest token sales in crypto history.

The project aims to raise $1.32 billion through its upcoming PUMP token offering, potentially securing the third spot among the highest-ever fundraising events in the industry.

According to data from Cryptorank, Pump.fun’s fundraising goal would put it just behind the now-defunct FTX exchange, which raised $1.75 billion from its FTT sale. It would also follow EOS (now Vaulta), which raised $4.26 billion in 2018.

Terra’s $1.2 billion raise from LUNC currently holds third place, followed by UNUS SED LEO and bankrupt Celsius at $1 billion and $910 million, respectively.

Pump.fun has scheduled the PUMP token launch for July 12. The token will have a fixed supply of 1 trillion, with 33% allocated for its initial coin offering (ICO).

Of that, 18% will be distributed via a private sale to institutional investors. The remaining 15% will be sold to the public through exchanges like Kraken, KuCoin, and others.

Each token will be priced at $0.004 and have no vesting schedule, meaning all purchased tokens will be immediately available upon launch.

Market sentiments around the PUMP token

However, even before its official launch, the token has generated significant interest in the market.

According to CoinGlass data, pre-market perpetual contracts for the PUMP token have jumped by more than 300% to reach $346 million in volume, with $115 million in open interest.

This indicates strong investor anticipation about the yet-to-launch crypto token.

Despite this early excitement, there is growing skepticism from large crypto investors.

Onchain Lens, a blockchain data platform, reported that several crypto whales are betting against the token’s price by shorting PUMP ahead of its launch. These whales have deposited millions of dollars into the Hyperliquid platform, signaling a lack of confidence in the token’s long-term performance.

Whales anticipate that PUMP will follow the typical pattern of many Initial Coin Offerings (ICOs). This means they believe the token would experience an initial surge followed by sharp price declines.

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