MegaETH raises $50 million in minutes as MEGA token sale tops 3x demand
MegaETH’s public auction drew accredited investors from around the world, with buyers able to lock tokens for a 10% discount.
Ethereum Layer 2 protocol MegaETH's public token sale appears to have been a runaway success.
MegaETH's public auction of its MEGA token, which kicked off Monday morning and was scheduled to last 72 hours, sold out within minutes, raising $49,950,000, the maximum allowed. Selling 5% of the project’s total supply pushed MEGA's fully diluted valuation to $999,000,000, according to the sale's website.
Although the sale was capped at roughly $50 million, the offering was more than three times oversubscribed at an FDV of more than $3 billion at the time of publication. MegaETH instituted a maximum bid of $186,282 and a minimum of $2,650 per individual.
Incredible to see MegaETH raise $50M in minutes with 3x oversubscription. Classic sign of FOMO driving valuations sky-high. Reminds me of past crypto bull runs where hype often outpaces fundamentals. Market cycles never change