Memecoin launchpad Pump.fun has launched an investment arm, Pump Fund, which will distribute $3 million in funding across 12 projects.
An animated video ad posted on X said that the fund is dedicated to early-stage startups. Further, it announced a Build in Public Hackathon, which will fund 12 projects with $250k at $10m valuation. “It will advance the startup ecosystem on pump fun by aligning itself with projects long-term,” Pump.fun wrote in a thread on X.
The Solana-based platform wrote that the upcoming hackathon is a time-limited event that differs from traditional programs. The hackathon offers funding, mentorship with Pump.fun’s founders and more. “Instead of having to please judges/VCs for money, tokenizing allows the market to become the judge,” the platform added. “Your users are the ones that fund you by betting on you early.”
“The talent pool just 100x’d, yet the funding system didn’t. Time to change the game.” — User comment on the hackathon's impact.
PUMP, the native token of Pump.fun, rose 3.04% in the last 24 hours following the announcement. The token is trading at $0.00256 during press time. Recent gains reflect short-term momentum but face resistance near $0.00274. The token reached an all-time high in September, and has dropped 70% since then.
The increase in memecoin activity has pumped the token back on the radar. Further, according to DefiLlama, the activity has contributed to a steady increase in revenue in the recent past, creating a strong tokenomic backbone for the rally.
Keywords: Blockchain News|Hackathon|Investments|pump.fun