MegaETH token sale oversubscribed by 8.9x with $450M committed

Santiment analyst Brian Q said MegaETH may be seeing hype as it promises a blockchain that’s as quick and smooth as a regular app.

Ethereum layer-2 network MegaETH’s initial coin offering reportedly “sold out” within minutes and is now oversubscribed by about $400 million, as users scramble to get an allocation of its MEGA token. 

The Ethereum layer-2 network opened the auction for its MEGA token on Monday with a raise cap of just under $50 million, but the auction has since seen more than $450 million in commitments in just a matter of hours.

In total, the initial coin offering (ICO) will allocate 5% of the total 10 billion token supply, with a maximum bid amount of $186,282 and a minimum bid of $2,650, offering the option to select a 1-year lock-up for a 10% discount.

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