Pump token jumps 16% hours after Pump.fun public sale ends, gaining momentum ahead of official trading launch.
The Pump cryptocurrency has increased by 16% in premarket trading after a quick public token sale.
Bybit is blaming an oversubscription to the offering for a delay in the Pump.fun API as investors await the start of trading.
Ahead Of Official Trading Launch, Pump Token Surges In Value
Pump.fun’s Pump has risen 16% in the past day due to a rally fueled by its initial coin offering (ICO), according to exchange statistics from Hyperliquid.
Ahead of the start of trading, investors are vying for positions in the Pump token, which is now trading at $0.006725 on the premarket.
The group previously announced the Pump.fun public token sale, where investors could purchase 12.5% of the supply.
Investors snatched up all Pump tokens at $0.004 just 12 minutes after the public sale began, raising $500M and another $100M via controlled exchanges.
MEXC data also supports a 16% increase in PUMP prices over the past day.
However, Pump.fun has prohibited trading any tokens until investors have received them, with a 48–72 hour window in mind.
“After distribution, transfers will be enabled,” read a notice from Pump.fun.
There are concerns of a price correction upon the full trading launch amid the premarket commotion.
The pseudonymous Spot On Chain claims that traders can short the token and then use it to liquidate their short position when it is distributed to make a low-risk profit.
“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 Attributes Oversubscription To API
In an official announcement, Bybit disclosed that customers of the centralized exchange have oversubscribed to the Pump.fun token.
The leading exchange is attributing the oversubscription of the offering, which prevented some users from receiving their allocations, to “an unexpected API delay.”
Bybit claims that those who have not yet received their allocations due to the API delay will receive a complete refund in the future.
The exchange confirms the final allocation results to release money from users who tried to subscribe to the offering.
Pump.fun purchased Kolscan, a wallet tracking platform, before the token sale to enhance its social and gamification features.
