Pumpfun Expands Beyond Memecoins With New Venture Investment Arm

Pumpfun has expanded its offerings, announcing the launch of its new investment arm. This new move is aimed at funding crypto-related startup projects in its ecosystem.

Pumpfun Launches “Pump Fund” for Startup Projects

In a thread on X, the platform revealed it is launching a new investment arm called “Pump Fund.” This would be dedicated to funding startups in its community.

The project would start off with a hackathon project that would distribute $3 million in funding for 12 different projects. They also said the event would be different from other programs as it would be judged by users in the ecosystem.

Participants of the Pumpfun project are expected to build their own project and launch a new native token. They are also to control 10% of the overall supply of the coin, while expanding its own community.

The initiative is similar to the launch of its Glass Fund Foundation, which launched in August last year. The GFF aimed to provide liquidity for memecoin tokens in its ecosystem, giving them a chance to withstand the volatile market. Since its launch, many projects have received substantial funding.

Since its launch, Pumpfun has been a major leader in the space. It has seen the launch of millions of tokens and generated a substantial amount in just fees. The project has continued to build on its momentum as they look to maintain its position.

PUMP Price Reacts

In reaction to the news, the PUMP token rose by 2.78% in the past 24 hours despite the broader crypto market crash. The coin is now maintaining price movement between $0.0266 and $0.259.

The coin had been showing positive signals since Pumpfun announced the changes to its creator fee model. The dynamic fees were initially launched to encourage more token launches. This was done to ensure a balance in bonuses for traders and token creators.

It is also worth noting that the platform has repurchased about $250 million worth of the token since it started the buyback plan last July. This has helped reduce the circulating supply to over 19%. The team has said that they would continue with its purchases as they look to regain previous highs.