The crypto landscape is witnessing the rise of Pump.fun, a Solana-based launchpad that has become a major player in the memecoin craze. Despite its lofty ambitions, the platform’s revenue has plummeted by an alarming 92% since peaking at $7 million. This dramatic decline casts shadows over the recent ICO, which was initially planned as a three-day event but ended up selling out in merely 12 minutes.
What lies behind the hype and excitement surrounding this ICO? The phrase ‘One Last Exit Pump’ indicates both a playful marketing strategy and a frankly worrying signal for potential investors. Initially, the term ICO conjures up images of the frantic market conditions of 2017, where many altcoins turned out to be significant failures. While some speculated a resurgence of ICOs, many now associate them with bubbles, drawing comparisons to the current trends among Bitcoin treasury companies.
The launch announcement from Pump.fun was as eccentric as one could expect, largely attributed to its frontman, Alon Cohen, known for his unconventional remarks. In July 2025, a cryptic tweet from Cohen stated, ‘One last exit pump.’ This declared the much-anticipated launch of the $PUMP token. However, just a few months earlier, Cohen had dismissed rumors about such a launch, stating that the team’s focus was on product improvement rather than token issuance.
On July 9, a thread on social media revealed details about the ICO structure. Out of a total supply of 1 trillion tokens, 33% are to be sold in the ICO—a portion already allocated for a private sale, leaving only 15% of the public sale available. This strategic limitation has further intensified demand, leading to quick sellouts that exceed expectations. Despite the aggressive tone of their marketing, critics are wary about the transparency of the launch. Notably, the tokens will be non-transferable initially, creating uncertainty among investors regarding when they can trade, possibly benefiting insiders adept at navigating such market conditions.
Moreover, Pump.fun’s ambition to ‘kill Facebook, TikTok, and Twitch’ has been met with skepticism, especially since no clear strategy has been provided about achieving this aim. While the platform has had moments of notable success, including funding charitable causes, the shock tactics exhibited on its streams—a slew of controversial and even tragic events—have raised ethical concerns. Critics argue that supporting Pump.fun promotes a toxic environment rife with violence and entertainment based on extremes, prompting many in the community to question the integrity of the platform and the ICO itself.
As Pump.fun moves ahead to unveil its token, only time will tell if this initiative marks a significant turning point or ends up being merely another reminder of the risks tied to speculative investments in the crypto arena.
