MegaETH’s $MEGA Token Sale Sells Out Quickly
MegaETH’s $MEGA token sale sold out within minutes on Monday. The sale reached its $49.95 million cap with over $306 million in total commitments. This amount was more than six times the intended raise. Bids rapidly pushed the token price to its ceiling of $0.0999. This implies a fully diluted valuation (FDV) of $999 million, according to Echo Sonar data.
The auction, held as an English-style public sale, started at 1 p.m. UTC. It offered 5% of the total $MEGA supply to retail participants. More than 5,000 people joined the event. The sale aimed to “price the network by its users,” favoring long-term engagement over large institutional bids.
This is MegaETH’s second oversubscribed raise. Its first was last year on Cobie’s Echo platform.
Strong Early Commitment and Sale Details
On-chain intelligence firm Arkham reported over $285 million committed within just two hours of the sale opening. They noted that 819 wallets each sent the maximum $186,282 USDT to MegaETH’s sale address. The network promotes itself as a “real-time blockchain” with a stablecoin-based fee model that avoids traditional gas fees.
Post-Sale Timeline and Next Steps
- October 30 to November 5: Allocation calculations and refunds to non-winning participants.
- November 5 to 19: Bidders can withdraw funds if they choose to.
- November 19 to 21: Final allocations are set.
- After November 21: $MEGA tokens will distribute automatically on Ethereum mainnet.
- Locked tokens will be released one year after distribution.
MegaETH’s public sale leads into the mainnet rewards campaign. Participants from both the Echo and public rounds will receive bonus tokens at launch. Bonuses depend on engagement within the ecosystem.
The fast sellout and clear post-sale plan show strong interest in community-funded blockchains focused on scalable real-time operations.
