The highly anticipated PumpFun token is trading at a $5.8 billion pre-market valuation on Hyperliquid, briefly surging as high as $7 billion over the weekend.
Solana-based memecoin launchpad PumpFun completed its token sale this weekend, raising $500 million in just 12 minutes. The PUMP token will commence trading after a distribution phase that is expected to last 48-72 hours, according to the project.
The initial coin offering (ICO) sold 12.5% of the PUMP token supply at a $4 billion valuation, which many have called extractive, while researchers at Messari consider it a fair price.
Ahead of the launch, decentralized perpetuals exchange Hyperliquid released pre-market perps, allowing traders to speculate on the value of the PUMP token.
On Hyperliquid, PUMP currently trades at a $5.9 billion valuation, 48% above the ICO price.
Kolscan Acquisition
Leading up to the token launch, PumpFun acquired Kolscan, a wallet tracking service, on July 10.
While the PUMP pre-market didn’t experience any major price fluctuations on the news, the Kolscan token, which was trading at a market capitalization of just $145,000 last week, briefly skyrocketed to a $12 million valuation before retracing back down to a $3 million valuation.
Despite the token trading at a microcap valuation of between $100,000 and $200,000 for the last three months, it quietly rallied above a $700,000 valuation leading up to the announcement, indicating potential insider activity.
