Unchained
Unchained
Laura Shin
Pump.fun Just Raised $600M. What Does This Mean for DeFi, Solana & Social Media? - Ep. 868
1 hour 5 minutes Posted Jul 15, 2025 at 4:00 pm.
Intro
Why Joe says Pump.fun is one of the best crypto businesses he’s seen
Whether this heralds the return of ICO mania
Why the raise triggered backlash from parts of the crypto community
Whether PUMP’s valuation can really be justified
How the exchange-first design created issues—and why others may copy it
Whether PUMP’s distribution model helped or hurt its credibility
Why the decision to have no token lockups sparked debate
What kind of traders actually bought into the ICO
Whether Solana’s performance makes it the new home for ICOs
Why Coinbase sat this one out
Where PUMP’s price might be headed in the medium term
How Pump.fun lost some momentum—and what that says about the space
How Pump.fun plans to spend its $600 million war chest
Whether Pump.fun can really take on Facebook
Why Joe still believes memecoins are just getting started
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Show notes
The weeks leading up to Pump.fun’s ICO were contentious: accusations that it was extractive, debates over decentralization, and outrage over allocations. 
In the end, the company pulled off the third-largest ICO in crypto history, raising $600 million in 12 minutes.
The day of, Solana barely flinched under the load, and onchain platforms like Hyperliquid and Raydium left CEXes looking outdated.
In this episode of Unchained, Haseeb Qureshi of Dragonfly and Joe McCann of Asymmetric join Laura to break down:
Whether this marks the return of ICOs
The objections to the small ($10 million) airdrop to creators
How Pump.fun’s ambitions could reshape memecoins, and maybe Solana itself
And why TikTok might not need to worry just yet
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Xapo Bank
Ledn
Haseeb Qureshi, Managing Partner of Dragonfly
Joe McCann, Founder, CEO & CIO of Asymmetric
Previous coverage on the ICO: Pump.fun’s $1 Billion ICO Has Caused Controversy. Can It Succeed?
Unchained:
Pump.fun Becomes Third Largest ICO, Raises $600M in 12 Minutes 
PUMP Traders Make Big Options Bets on the Token Surging Past Its ICO Price
Pump.fun Draws Backlash After Confirming PUMP ICO
SolanaFloor’s tweet on LetsBonk’s stats
The Block: Pump.fun makes first acquisition, purchases Solana-based copy-trading wallet tracker Kolscan
Dune Analytics Twitter thread on the PUMP ICO stats
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