MegaETH

Ethereum

Brian

when

MEGA

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.&nbsp;The <a href="https://cointelegraph.com/learn/articles/a-beginners-guide-on-blockchain-layer-2-scaling-solutions" rel="noopener noreferrer nofollow">Ethereum layer-2</a> network <a href="https://sale.megaeth.com/" rel="noopener noreferrer nofollow">opened</a> 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 <a href="https://cointelegraph.com/learn/articles/initial-coin-offering" rel="noopener noreferrer nofollow">initial coin offering</a> (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 one-year lock-up for a 10% discount.<figure><img src="https://s3.cointelegraph.com/uploads/2025-10/019a2973-8946-7ef7-8ee4-29299a8893be" title="" alt="MegaETH token sale oversubscribed by 8.9x with $450M committed"><figcaption style="text-align: center;">MegaETH opened its token auction on Monday and has been oversubscribed by about $400 million from its cap. Source: <a href="https://sale.megaeth.com/" rel="noopener noreferrer nofollow">MegaETH</a></figcaption></figure>Because it’s oversubscribed, when the countdown timer ends in two days, a “special allocation mechanism” will be used to decide each user’s allocation, according to the auction FAQ, which takes into account past engagement in the MegaETH and Ethereum communities, and whether a <a href="https://cointelegraph.com/explained/vesting-in-crypto-explained" rel="noopener noreferrer nofollow">lock-up was selected</a>.&nbsp;The project’s white paper <a href="https://static.megaeth.com/MEGA%20MiCA%20Whitepaper.pdf" rel="noopener noreferrer nofollow">lists</a> the token launch date as January 2026. The token will be tradeable on specific centralized exchanges and decentralized exchanges operating on MegaETH, and function as a standard ERC-20 token, but also act as an “economic engine for a pair of novel infrastructure features, including sequencer rotation and proximity markets.”&nbsp;<h2 id="megaeth-token-sale-spike-conviction-or-fomo">MegaETH token sale spike: Conviction or FOMO?</h2>Reports on X indicate that the tokens were oversubscribed within minutes, and in just two hours had already reached five times the cap with 819 addresses committing the maximum bid, <a href="https://x.com/arkham/status/1982830631643123770" rel="noopener noreferrer nofollow">according</a> to blockchain analytics platform Arkham.<figure><img alt="Cryptocurrencies, Tokens, ICO" src="https://s3.cointelegraph.com/uploads/2025-10/019a2975-c1ce-740a-b097-caf3e6f98dea" title=""><figcaption style="text-align: center;">Source: <a href="https://x.com/arkham/status/1982830631643123770" rel="noopener noreferrer nofollow">Arkham</a></figcaption></figure>An analyst with the onchain analytics platform Santiment, Brian Q, <a href="https://app.santiment.net/insights/read/keep-track-of-megaeth-growth-on-santiment-8975" rel="noopener noreferrer nofollow">said</a> on Tuesday, “Such aggressive, synchronized buying can be a red flag.”&nbsp;“When too many participants are moving in the same direction at once, it can amplify speculative pressure, elevate the risk of a sharp reversal, and may reflect more of a social momentum than fundamentals,” he said.&nbsp;<blockquote> “The sheer volume of max contributions in such a short window raises the question: are buyers driven by long-term conviction in MegaETH’s technology, or by a fear of missing out (FOMO)?”
</blockquote><h2 id="megaeth-s-promise-could-also-be-a-factor">MegaETH’s promise could also be a factor&nbsp;</h2>However, he also said it could be driven by the project’s lofty promises. MegaETH’s creators, known as MegaLabs, have <a href="https://cointelegraph.com/magazine/megaeth-launch-could-save-ethereum-but-at-what-cost/" rel="noopener noreferrer nofollow">raised large amounts of funding and are backed</a> by some of the most influential names in the industry, including Ethereum co-founders Vitalik Buterin and Joe Lubin.&nbsp;Related: <a href="https://cointelegraph.com/news/bitcoin-ether-treasuries-slow-buys-market-crash" rel="noopener noreferrer nofollow">Bitcoin, Ether treasuries have ‘ghosted’ since the crypto crash</a>The project, following the launch of its testnet in March, aims to achieve 100,000 transactions per second and sub-millisecond latency.“In the end, MegaETH is getting so much hype because it promises something everyone in crypto wants: a blockchain that’s as quick and smooth as a regular app, but still connected to Ethereum’s trusted network,” Brian Q said.&nbsp;<blockquote> “If the team delivers on its goals, it could become one of the most useful Ethereum extensions yet. But like all early-stage crypto projects, it’s still experimental — so traders and investors should stay curious, not careless, while the story unfolds.”
</blockquote>Magazine: <a href="https://cointelegraph.com/magazine/bitcoin-flashing-rare-top-signal-hayes-tips-1m-btc-hodlers-digest-oct-19-25/" rel="noopener noreferrer nofollow">Bitcoin flashing ‘rare’ top signal, Hayes tips $1M BTC: Hodler’s Digest, Oct. 19 – 25</a>

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

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