TLDR
Bybit’s Pump.fun token sale excludes European users due to MiCA regulations.
Pump.fun has generated $715M in revenue, but faces a 75% drop in trading volume.
The PUMP token sale will offer 150 billion tokens at $0.004 each.
Competitor LetsBonk surpasses Pump.fun in daily revenue, signaling a shift.
Bybit has confirmed the details of the upcoming Pump.fun token sale, marking a significant event in the memecoin ecosystem. However, users from the European Union will be excluded from participating due to regulatory concerns surrounding the European Union’s Markets in Crypto-Assets Regulation (MiCA). The token sale, which will be hosted by Bybit, is set to begin on Saturday, with a fixed price of $0.004 USDT per PUMP token.
Europe Excluded from Pump.fun Token Sale
In a press release, Bybit stated that users registered on Bybit.eu, the platform’s European Union-regulated arm, will not be able to participate in the sale. This decision is in compliance with the newly implemented MiCA regulations, which aim to regulate the crypto industry in the European Union.
While the exclusion of European users from the sale is disappointing for some, Bybit clarified that this move is necessary to ensure compliance with the latest legal framework.
The sale of PUMP tokens, which represent the native token of the no-code memecoin launchpad Pump.fun, will be open to users outside of the European Union. The public sale will run from 14:00 UTC on Saturday through Tuesday. Bybit is the only major exchange currently participating in the sale, though other platforms will also support the PUMP token launch. Users can subscribe to the sale with USDT, USDC, Solana (SOL), and bbSOL.
Pump.fun: A Platform for Memecoin Creation
Pump.fun, which launched in January 2024, has quickly become a prominent platform for the creation and trading of memecoins. The platform’s no-code interface enables users to create and trade tokens without requiring coding skills. Its gamified approach has led to widespread adoption, particularly among casual users. Many users have become active participants in the platform’s token creation and trading activities.
According to Pump.fun, the platform has generated nearly $715 million in revenue to date, with $35 million of that amount coming in the past month alone.
🚨BREAKING: @Bybit_Official has launched a token sale page for https://t.co/pJH3vz8w1x’s $PUMP token, becoming the second major exchange after @Gate.io to do so.
According to Bybit, the sale will take place from July 12 to 15, with $PUMP tokens distributed 72 hours after the… pic.twitter.com/7bdbsMq6Fz
— SolanaFloor (@SolanaFloor) July 9, 2025
Despite the platform’s success in terms of revenue, some in the crypto community have voiced concerns about its impact. Critics argue that Pump.fun has turned altcoin traders into “memecoin gamblers,” pointing to a significant amount of value extracted from the platform by users who ultimately lost money.
Pump.fun’s Declining Market Momentum
Despite its initial success, Pump.fun has experienced a significant downturn in recent months. Dune data shows that the platform’s trading volume has dropped by about 75% since the peak of the memecoin craze in January 2024. Furthermore, DefiLlama reports a steeper decline of 80% in daily volume over the past six months.
The downturn in Pump.fun’s momentum comes at a time when new competitors have entered the memecoin launchpad space. One such competitor, LetsBonk, recently surpassed Pump.fun’s daily revenue, signaling a shift in market dominance. LetsBonk brought in $1 million in revenue, outpacing Pump.fun and hinting at a potential change in the landscape of memecoin creation and trading platforms.
The PUMP Token Sale and Its Future
Despite the challenges faced by Pump.fun, the PUMP token sale is seen as a key event for the platform and the wider memecoin ecosystem. The sale will offer 15% of the total supply of PUMP tokens, amounting to 150 billion tokens. These tokens will be sold at a fixed price, and Bybit will serve as the primary platform for the sale. However, the exclusion of European users from the sale due to regulatory concerns adds complexity to the event.
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