<ul data-eligibleForWebStory="false">PUMP tokens begin distribution phase after $600 million record sale at Pump.fun.Trading to start on major exchanges like Kraken, Bybit, and Gate.io.Tokens locked until distribution completes to prevent immediate dumping, ensuring orderly market entry.Geographic restrictions exclude US and UK investors due to regulatory challenges.Platform faces competition from LetsBONK with successful fundraising despite declining platform metrics.