MegaETH’s initial coin offering (ICO), conducted via the Sonar platform, has generated unprecedented interest, exceeding $1 billion in total bids despite its $50 million funding target. With just hours remaining before the sale closes at 9 a.m. EST on October 30, the allocation for the MEGA token is oversubscribed by approximately 20 times.
The public sale has attracted nearly 38,000 individual contributors, according to a community-maintained dashboard, with an average bid size estimated around $25,000. This marks MegaETH’s third community-driven fundraising event, following an Echo round earlier this year and the release of a soulbound NFT collection called Fluffles in February.
Participants are allowed to place bids up to $186,282, selecting a valuation for their investment up to a maximum fully diluted valuation (FDV) of $999 million. Given the significant demand, it is expected that the entire $50 million target will be met at or near the maximum valuation.
One factor contributing to the strong demand is the positive pre-market performance of the MEGA token. On the Hyperliquid exchange, pre-market perpetual contracts (pre-perps) for MEGA are trading at around $0.43, implying an approximately $4.3 billion FDV. This price level suggests that early ICO participants could see an immediate return close to 300% based on current figures.
Token holders are given the option to lock their MEGA tokens for one year in exchange for a 10% purchase discount, with this lock-in being mandatory for U.S.-based investors. Allocation decisions will consider each participant’s onchain activity and holdings, reflecting their engagement and alignment with the MegaETH ecosystem. Although some speculate that locking tokens might improve allocation prospects, there has been no official confirmation of such a mechanism.
Alongside the ICO itself, a separate prediction market hosted on Polymarket has seen over $33 million wagered trying to forecast the total amount of commitments made during the sale. This prediction market for MEGA’s fundraising volume ranks among Polymarket’s top 20 most active markets by trading volume.
MegaETH is positioning itself as a real-time Ethereum Layer 2 blockchain, aiming to enhance scalability and transaction speed. The ICO’s overwhelming oversubscription highlights strong community interest and confidence in the project’s potential impact within the Ethereum ecosystem.
The final phase of the MegaETH ICO is scheduled to conclude shortly, after which the project will finalize token distribution and progress toward its strategic development roadmap.
