The cryptocurrency meme coin creation platform Pump.fun has made its first acquisition of the wallet tracking platform Kolscan, with its founders hoping to drive growth through gamification.
Pump.fun announced on Thursday (July 10) that it has acquired Kolscan, a platform named after the term "key opinion leader," which "monitors the activities of top on-chain traders," providing real-time trading, earnings, and "performance rankings."
Pump.fun stated, "Our integration will not only provide better products for Kolscan and Pump.fun users but also bring a whole new experience, changing the entire landscape of on-chain trading."
This acquisition appears to be an attempt by Pump.fun to strengthen its future products ahead of its initial coin offering (ICO) on Saturday, aiming to raise $1 billion. The platform has been losing market share to emerging meme coin issuance competitor LetsBonk.
Pump.fun co-founder Alon Cohen wrote on X that the acquisition of Kolscan aligns with his belief that "on-chain trading is a social movement," where meme coin speculators trade and compare their bets with friends. "We believe that providing social insights/tools and gamifying the trading experience is key to the growth of our ecosystem."
Pump.fun is considered a key player in last year's meme coin revival. Meme coins are typically cryptocurrency tokens associated with social media trends, lacking intrinsic value or utility aside from highly speculative trading.
The platform allows users without coding skills to easily create tokens, with Pump.fun generating millions of dollars in daily revenue during its peak in January, according to DefiLlama.
Cohen added that Pump.fun plans to improve and expand Kolscan's features and has made the tool available for free.
He further mentioned that Pump.fun aims to enhance the reliability and speed of token, trading, and profit and loss data, and to make the leaderboard "reward real traders again, not just 'KOLs.'"
Pump.fun also plans to "provide additional insights into copy trading activities [and] other data points that can reveal trader strategies."
Cohen stated that the platform will be "a core part of our push to build a scalable crypto social media platform for billions."
Pump.fun has begun offering social media-type features, such as live streaming, but was shut down last year due to harmful and violent behavior from user streams.
The feature reopened in April to a limited number of users and has implemented a review system.
Meanwhile, Pump.fun announced on Wednesday (July 9) that it will launch its "PUMP" token ICO on Saturday, following weeks of speculation and leaks.
PUMP will have a total supply of 1 trillion tokens, with 330 billion or 33% allocated to investors at a price of $0.004 per token, aiming to raise $1 billion.
Institutional investors will receive 180 billion tokens from the ICO, while the public sale will include 150 billion PUMP, confirming early leaks from the cryptocurrency exchange Gate.io.
Pump.fun is prohibited from offering its ICO to investors in the U.S. and the U.K. due to regulatory issues.
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Original article: “Pump.fun Acquires Kolscan, Aiming for Gamified Trading”
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