Pump.fun’s record ICO flooded by coordinated wallet participation

Key Points

1. Pump.fun's ICO sold out in 12 minutes, raising over $500 million onchain and $100 million via centralized exchanges, with a median buy-in of $537 per wallet.

2. One wallet funded 500 addresses, each contributing $400 in USDC and 0.05 SOL for gas, purchasing $200,000 in PUMP tokens collectively.

3. The wallet's activity involved withdrawing stablecoins from Bybit and Binance, distributing them evenly to 500 wallets, and having each participate in the ICO.

4. This strategy may have bypassed anti-Sybil heuristics, making the whale appear as 500 unique participants eligible for future rewards.

5. The wallet has a history of floating memecoins like ARTIC and WUKONG, with ARTIC later rugged.