MegaETH ICO Sparks High Demand with Over $1 Billion Competing for MEGA Token Allocation

MegaETH ICO Attracts High Demand, Exceeding $1 Billion

The curtain is set to fall on the initial coin offering (ICO) of MegaETH, a progressive real-time Ethereum Layer 2 blockchain. Marking the end of a highly anticipated event on October 30 at 9 am EST, the ICO has shattered expectations by inviting bids more than 20 times of its initial cap of $50 million. In a remarkable show of participation, nearly 38,000 users from across the globe registered their interest in purchasing the MEGA tokens by participating in the ICO and contributed to the sale. The enthusiasm for the MegaETH ecosystem was without parallel, with an average bid of around $25,000 reported.

The MegaETH ICO Process

The ICO was carried out on the Sonar platform, marking the platform’s third community-driven fundraising event for MegaETH. It’s important to remember Sonar earlier witnessed an echo round for MegaETH back in 2024, and a unique soulbound NFT collection—Fluffles—launched in February. Participants were allowed to bid up to $186,282, and were given the liberty to choose the valuation of their choice. The only constraint was a maximum fully diluted valuation (FDV) of $999 million. Given the robust demand, it is viable to deduce that the whole $50 million might have been sold at the utmost valuation.

Strong Pre-Market Performance of MEGA Tokens

The vigorous demand can be attributed to the robust pre-market performance of the MEGA tokens. Reportedly, the pre-market perpetuals of MEGA on Hyperliquid were trading at $0.43, which corresponds to a $4.3 billion FDV. This brisk performance hints at a whopping 300% return for the contributors investing during the ICO. Participants also have the choice to lock their ICO tokens for a period of one year, in return for a 10% discount. This provision is mandatory for all U.S.-based participants.

Token Allocations and Speculations

The decision on token allocations will be based on various aspects including a participant’s on-chain history and engagement with the MegaETH ecosystem. Such engagement could be observed through the participant’s activity and on-chain holdings. While it is speculated that those who opt to lock their tokens might receive a more generous token allocation, there is no concrete evidence to support this theory. This has sparked fervent debates among members of the cryptocurrency circle, adding to the excitement of this massive ICO event.

Polymarket Bettings on the MegaETH ICO

As participants play the waiting game and lineup to bid on MEGA tokens, bettors on Polymarket have turned their attention to predicting the total amount contributed to the sale. The total summation of wagers on this market has amassed more than $33 million, making it one of the top 20 active markets on Polymarket as per total volume. This remarkable participation signals a positive future for MegaETH and its MEGA tokens. It indicates a robust ecosystem that is keen on innovation and collaborative growth in the cryptocurrency landscape. In conclusion, the MegaETH ICO serves as a testament to the ongoing growth and enthusiasm for cryptocurrency and reinstates the potential of innovative blockchain technologies such as the Ethereum Layer 2. Given the resounding success of this event, the crypto landscape eagerly anticipates the next steps of MegaETH.